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Question About The Earnings Cap

  1. #31
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    Here I will do it for you..



    There is a larger earnings limit and a different rule that applies the year of your FRA. If you collect Social Security benefits during the year you reach FRA, Social Security will deduct $1 in benefits for every $3 you earn. In 2018, the limit on earnings for the year you reach FRA is $45,360 (up from the 2017 limit of $44,880, once you reach your birthday all earning limits end

  2. #32
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    Quote Originally Posted by mathjak107 View Post

    why do you insist on posting misinformation without looking it up ?

    Go go look up special rules for the year you will be fra and post what you find ... I am tired of explaining it to you only to have you wrongly argue
    Some folks are just happier being unhappy. You're screwing that up for him.
    I must learn to be content with being happier than I deserve - Pride and Prejudice

  3. #33
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    As they say , never let facts get in the way of a good story. all the info is right on the ss site . instead of trying to argue what they obviously are not well versed in , go and look . or just google special rules for social security . it could not be spelled out any clearer in article after article .

    i don't mind teaching someone who doesn't know but then don't try to tell me i am wrong when this is basic stuff . ...
    Last edited by mathjak107; 01-13-2019 at 05:57 PM.

  4. #34
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    Quote Originally Posted by mathjak107 View Post
    Here I will do it for you..

    There is a larger earnings limit and a different rule that applies the year of your FRA. If you collect Social Security benefits during the year you reach FRA, Social Security will deduct $1 in benefits for every $3 you earn. In 2018, the limit on earnings for the year you reach FRA is $45,360 (up from the 2017 limit of $44,880, once you reach your birthday all earning limits end
    Do you think the OP is confusing FRA (it was 66 for me) with the first year you are eligible to receive benefits (62 I think)?

  5. #35
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    no , because they know first year is capped at 17,640.00. but they refuse to listen to the fact that earnings before filing don't count . they still remain ignorant of the fact the cap is 45k in the year you will be fra up until your birthday , then once you hit fra there is no cap .

    .... but they obviously don't want to learn or be corrected . so they can believe what they want as long as those here interested in learning get it correctly .

    there really is nothing conflicting at all about any of this . all the sites and articles have it correct . it is just the fact that those who get it wrong don't take the time to learn so they spew their incorrect interpretation of what they think they heard instead
    Last edited by mathjak107; 01-14-2019 at 04:05 AM.

  6. #36
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    for those who want to know more about just what the point of january filing is , this is about the best explanation i have seen . it only applies to those between fra and 70 .

    For Example…

    Let’s say you have a PIA of $2000 at your full retirement age of 66. And let’s say you turn 66 in June of 2015. You decide to wait until you turn 68 (two years past your FRA) to claim your benefit. You would then be entitled to a 16% higher benefit. When you file at age 68, you’re expecting to receive $2320 a month but when your first payment shows up the amount is for $2240.
    What happened?

    Because of how Social Security sets benefits, you only receive the delayed retirement credits that accrued as of Jan 1 the year you filed. Since you filed in June of 2017, you only get 18 months credit; 12 months for 2015 and 6 months for 2016. Based on this determination, you will only see an increase of 12% to your benefit instead of the 16% owed to you. Eventually you’ll get full 16%, but not right away. You will have to wait until January 2018 to get credit for the 24 months of your delayed retirement credits. Then your benefit will increase to the expected $2320.
    Underpayment?

    You’ll notice that there are six months where you are essentially underpaid. From June 2017, until January 2018, you receive $80 less a month than what your retirement benefit should be. Unfortunately, there is no way to get this money back. Social Security will not make up the difference at a later date.
    Age 70

    For some strange reason, if you delay your retirement benefit until age 70, you will get your full 32% right away. The “January Rule” won’t apply. However, anyone filing between FRA and age 70 may lose out on some of their benefit, depending on the timing.

  7. #37
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    Quote Originally Posted by Phillip View Post
    Still no help....$17,640 or $1450?
    You need to speak with Social Security, we are all just seniors not experts.

    ALONE NOW....TAKING IT DAY BY DAY!! RIP BABY...

  8. #38
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    he did and did not understand them ....

    but this is still basic stuff . anyone who is getting ready to get social security should at least understand the basics . the first year and fra year earning cap rules are pretty basic stuff and are clearly explained in every article about working and getting ss..

    this is the problem today . most people know more about their car , sports scores and refrigerator then they do most things pertaining to the health of their financial well being . the average person puts in more time researching restaurants then learning about retirement planning , investing and social security which has a direct impact on them .

  9. #39
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    https://www.youtube.com/watch?v=5cj2_WWm_P0

    The monthly limit applies the month you take social security. It remains in effect until the year you turn full retirement age when you are allowed to make alot more.Somewhere around 42-45K if I recall. So both limits apply until the year you turn full retirement age.

  10. #40
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    finally someone who gets it .. this is not rocket science . it is pretty clear what the rules are if people want to learn .. there are two special rules , first year and the year you will be fra which buck the standard formula

  11. #41
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    I think the OP has left the building


  12. #42
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    that's okay , the info is really here for everybody who needs to know ... i never really post just for the op ... usually when they argue and are wrong they vanish anyway .

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