Earnings Rule The Year You Start Taking Social Security

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Title	:	Earnings Rule The Year You Start Taking Social Security
Lasting	:	8.49
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Views	:	9,6 rb

If you take early social security starting in January and in February you get a $15,000 bonus from your employer is that okay or are you going to be penalized trying to figure out if I can make that 21001 month or does it got to be spread out over the year
Comment from : Willis Shields

Very helpful! My husband is retiring early in 2024 and will get a $90,000 bonus when he doesif I understand correctly since it is the first year, he will get his full social security the next month? But the month he gets the $90k he will get nothing
Comment from : Silver Owl Thrifter

Let me rephrase that, Under the first year retirement special rule, If you start collecting in the middle of the year Does the Monthly Earnings Test kick in automatically even if you have not earned anything yet or does the MET only kick in after you've earned more than the Earn Income Limit ? Hope to hear from you
Comment from : gON gLEZ

I've seen a lot of videos concerning the first year retirement special rule but nobody has explained the opposite scenariobrFor example, what happens if you start receiving your benefits in July and have earned $0 but start working the next month and make $20k for the rest of the year Is that $20k considered as part of the Retirement Earnings Test and you would not be penalized since it's below the Earn Income Limit or would the Monthly Earnings Test automatically kick in the month you start receiving your benefits
Comment from : gON gLEZ

What if you 66
Comment from : Carl Cutts

Does filling status affect that $19,500? ie if filling jointly and the spouse does not work, would the limit be doubled?
Comment from : K NG

What is the first month the special first year rule applies? Is the month you apply or the month you get your first check??
Comment from : Gary Benski

If your fra is in Nov 2023 and you start benefits in May 2023 and you made $20,000/- up till April, will your exempt limit be $36, 520 ($56,520- $20,000) till October 2023 or the monthly rule of $4,710/- apply till October 2023?
Comment from : Muhammad Shaikh

The 1st year "Grace Year" rules were not clear until you explained them Thank You
Comment from : Chris

If I'm at 66 what is my limitations of earnings 😊
Comment from : Carl Cutts

Your First Year Rule segment was just what I was looking for! I had no idea that is what it is called so I was not using right keywords to get the result I needed THANK YOU!
Comment from : GloGoMike

I know so many single people who started collecting their SS at 70 but continue to work "full-time" past age 70 I guess a lot of their SS and/or their paycheck will go to IRS, right? How much SS will they lose? How much of their paycheck will they lose?
Comment from : Yanni P

I am self employed and wondering if they go by Gross Adjusted Income, or Taxable income for how much you can earn?
Comment from : sarah fridy

Is there a limit on how much u can have in your bank account when your drawing social security?
Comment from : Alan Gomez

Do I have to apply for that special rule?
Comment from : Shirley Ulery

Wow
Comment from : Miss Queen

Regarding the first year special monthly rulewhat counts as monthly income?the money that I receive on my paydays in the calendar month or the hours that I worked in the calendar month times my hourly rate Thanks
Comment from : Richard Boeckman