28 Aug Income, Limits & Social Security
There are a lot of people out there looking toward social security benefits and if filing for such a program is the best option for them. With that comes a lot of questions for being eligible to receive such benefits. One of the biggest questions is what exactly counts as income and what limits come with this?
Here we will break down both what does and what does not count as income. The options that count as income according to Social Security include your own employment income or your net earnings/income from self employment. What doesn’t count as income includes dividends, interest income, capital gains, etc.
Also, there are some incomes that are allowed and count for those who are only self-employed but do not count for employees. The reason for this, we are not sure of but it is just something to keep in mind when getting involved with Social Security benefits.
Keep in mind your age is just as important as well. For example, those born during or after 1960 are required to be 67 for the full retirement age to count. Social Security may also ask for the timing of your payments/income and when you had received them.
A question that pops up alot is, “I received an overpayment, what do I do?” First, you should get in contact with the Social Security Administration. Speaking with them will help you notify them what went wrong and your benefit payments will not stop since you brought it to their notice.
You will be able to resolve everything with them after contacting them and if this is to happen make sure you respond in a timely manner, do not wait!
For the year 2020, your earnings limit is set to $18,240 if you are at the full retirement age. If you are not at the full retirement age and your income surpasses the limit, your benefits can and probably will be affected by your income being too high.
With all this in mind and knowing you can still work and receive such benefits, be sure to contact us at 1-866-350-7229 for a free case evaluation visit us here