Pay Back Social Security

[OneMarcilV]

Does Social Security let one pay back an overpayment other than deducting from their monthly allowance? Like paying back in two payments.

When does Social Security send out overpayment notices?

I did read where Social Security will request a full refund. If one can not afford that then the 10% of the monthly benefit is then with held.

 

[Sunset]

Doesn't it work out to the same amount of money, so I'd rather them take off 10% per check.

 

[OneMarcilV]

That would take a bunch of time. Sure it would be the same amount of monies. But what I get from Social Security is just enough to live on with a few monies to spare.

Then if I did continue on my job because that 10% Would defiantly make living impossible to live only on Social Security. So continuing my work job that would add up to more earnings than is allowed. So taking monies from the issued monies could go in for a loooooong time which would mean working like forever. No one wants that.

Now if I quit my job and something happens to Social Security then what?

 

[Sunset]

If you have saved the X dollars that SS overpaid, then when they take out 10%, you could take the same amount from your savings to make up the difference and you are back to the full SS amount.

If something happens to SS is a vague question, if they stop it, then I guess they won't collect from you anymore

Are you planning to retire on only SS and have zero savings

 

[OneMarcilV]

If you have saved the X dollars that SS overpaid, then when they take out 10%, you could take the same amount from your savings to make up the difference and you are back to the full SS amount.

If something happens to SS is a vague question, if they stop it, then I guess they won't collect from you anymore

Are you planning to retire on only SS and have zero savings

Yes that is my plan. Would have to start on August 22nd cause that is when I earned the maximum amount allowed.

I have just under 3000 saved. But, I can return to the job in January then earn the 18,240 allowed. If the employer lets me do that. That is the question.

 

[pb4uski]

I think you are best off to suspend your SS benefits and keep working.... find a different job if necessary.

If you try to live on SS and have one small financial emegency then you are in trouble.

 

[OneMarcilV]

I think you are best off to suspend your SS benefits and keep working.... find a different job if necessary.

If you try to live on SS and have one small financial emegency then you are in trouble.

Suspend Social Security then I would have to pay back everything I received. Will keep working full time and still get Social Security.

Will get more tan enough monies to pay back the overpayment all at one time.

 

[OneMarcilV]

Instead of Social Security stating that 1.00 out of every 2.00 earned would be considered over payment. Why not just state that 1/2 of all monies earned over the allowed amount would be considered overpayment?

 

[pb4uski]

^^^ What does it matter?

On the suspension of benefits, if you are over your FRA you can just have your benefits stopped and no need to pay anything back. If you have been receiving benefits for less than 12 months then you would have to pay them back to withdraw your benefits.

If you have been receiving benefits for more than 12 months but are not yet to your FRA then you are stuck and can't make any changes.

Sorry for your plight, but you should have done your homework first.

 

[OneMarcilV]

I did, The peeps at Social Security told me to reduce my working hours to 27. That was my plan until the employer had different ideas. Mainly because when someone is hired that person quits within one month. I was on a 27 hour week which is perfect. Then was given 32 hours a week. Now back to 40 cause the person that was helping me quit.

Our bosses look out for them selves. Wait until they reach Social Security age. Maybe then they will understand.

 

[Sunset]

I don't see what the problem is,
Suppose you work 40 hrs, and make "too much money" , so SS takes off $X.xx

You get the $X.xx back later when you reach Full Retirement Age, so no money is lost.

You are actually ending up with more money working the 40hrs.

40hr + SS - $X.xx is greater than 27hr + SS

 

[OneMarcilV]

I don't see what the problem is,
Suppose you work 40 hrs, and make "too much money" , so SS takes off $X.xx

You get the $X.xx back later when you reach Full Retirement Age, so no money is lost.

You are actually ending up with more money working the 40hrs.

40hr + SS - $X.xx is greater than 27hr + SS

This is true.

 

[retiredtuna1]

I am not knowledgeable enough about SS to help much here, but have you receive answers to your original questions no. 2 and 3?

 

[OneMarcilV]

I am not knowledgeable enough about SS to help much here, but have you receive answers to your original questions no. 2 and 3?

I have two options. To continue with 40 hours a week and pay back the 4500 overpaid monies all at once. Or quit the job and not owe any monies.

It is nice to have the extra monies from a job. But also fun to have more free time.

 

[OneMarcilV]

I was taxed this year on what I received from Social Security.

But, never received any letter asking me to pay any penalty for these monies.