#4 Add high earnings to claiming early and you got yourself another cut
If you do not want to be on the list of people who lose out on part of their Social Security benefits, then you have to make sure that you keep an eye on your income and when you end up taking out the payments. After all, for some people, it is not a problem if they end up receiving a little bit less since they do not have the full retirement age. However, if you decide to claim early in order to have a little bit more income, you need to make sure how much you earn does not exceed a limit, or you will end up receiving fewer benefits.
If you still earn an income, then you will lose part of your money, and the check you will receive will be even less than you expected. It has been established that for this year, you can have a yearly income of up to $21,240 and you will not see any reductions, but if you earn more than that, the SSA will start withholding some money from your check.
The rule is that they will hold back $1 from the benefits for every $2 earned over the threshold. If you end up reaching full retirement age the year that you end up receiving payments, then the threshold moves to a yearly income of $56,520. And the reduction will be changed to $1 withheld for every $3 earned!
8 Responses
How do you find out how much a widows pension will be before you sign up?
Another way to lose SS benefits (which I hope does not apply to any readers here): Move to a country that the USA does not have diplomatic relations with, such as North Korea, Iran (I think), and there are a few others.
Did not know about ways we can lose Social Security. Please tell me what to look for or do.
My husband and I have been married for 59 years this October. We inherited his family’s farm 30 years ago and paying taxes with very little income from it. My husband decided to sell it two years ago. I was relieved over our finances until we found out that our Social Security which would have been increased this year took a definite decrease after IRS informed Social Security about our income from the sale of the farm. With the proposed increase in SS benefits we would have been better off to have kept the farm and left it to our children. Now we are dependent on using money from the sale of the farm to live on. I know “life” isn’t fair, but it seems things never get better. just worse.
I think if anyone is caught selling or stealing other peoples medicine or on benefits getting caught doing those things should lose benefits.
Getting convicted of a felony.
I have no idea that o could ever loss my SS
Thanks for giving me this information. As a matter of fact, I’m among those who have lost part of their Social
Security earnings as of January 1, 2024. My monthly benefits shrunk from $1,015.70 to $579.60 without courtesy of a heads-up to expect the drastic change. I’m still waiting for the “why” to this unexpected act.