What would you do? (Social Security and work)

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OneMarcilV

Recycles dryer sheets
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Oct 10, 2019
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What would you do if you had to work 40 hours then have to pay all that monies to Social Security? Would you work the 40 hours or change to part time at 10 hours a week? Keep in ind the manager is a sneaky thing that says one things and means smother snd will make up things to make some thing seem better than it actually is?

If I do work 49 hours a week I will owe Social Security 4500.00 at the end of the year.
 
Unfortunately I can't imagine how one would be in such a situation, and am thus unable to formulate a reasoned response.

Unless you are already receiving SS and have not reached your Full Retirement Age?
 
SevenUp said:
Unfortunately I can't imagine how one would be in such a situation, and am thus unable to formulate a reasoned response.

Unless you are already receiving SS and have not reached your Full Retirement Age?
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Yes already receiving Social Security. I never thought this would be so complicated. I thought that once I receive benefits and ask for 27 hours a week that would I would have to do.

Some employers just like to make life as difficult as possible for some reason.
 
If I were already drawing SSI, and I was unhappy at work as you seem to be, I would be gone already. Is SSI not enough to pay for your basic needs (housing, food, transportation)? If you don't want to retire yet, can SSI pay for those things while you look for another job, maybe with a better manager? If you feel like you can't retire yet, can you economize more on any of those needs so that SSI does cover them, or SSI + small withdrawals from savings? You might think it would be miserable to move to a small(er) apartment, trade a nice new car in for a used (but reliable) one, etc., but would it be more miserable than your time at work now?

I hope some of this helps, I'm sorry you're having to deal with this.
 
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OneMarcilV said:
What would you do if you had to work 40 hours then have to pay all that monies to Social Security? Would you work the 40 hours or change to part time at 10 hours a week? Keep in ind the manager is a sneaky thing that says one things and means smother snd will make up things to make some thing seem better than it actually is?

If I do work 49 hours a week I will owe Social Security 4500.00 at the end of the year.
Click to expand...

I'm not sure what the manager/employer has to do with it. And you wouldn't pay all monies to SS, but your SS benefits might be reduced to zero.

IOW, you would receive your pay from the employer net of taxes just as if you were not receiving SS. SS would reduce the benefits you receive based on how much you earned over the limit for that year.

You will later receive from SS any benefits that are withheld.... so you'll get that $4,500 back from SS later.

Another option is to suspend your SS benefit for the time that you will be working and exceeding the limit.

See https://www.ssa.gov/pubs/EN-05-10069.pdf

Will you receive higher monthly benefits later if benefits are withheld because of work?

Yes. If some of your retirement benefits are withheld because of your earnings, your monthly benefit will increase starting at your full retirement age to take into account those months in which benefits were withheld.
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Let’s say that you file for Social Security benefits at age 62 in January 2020 and your payment will be $600 per month ($7,200 for the year). During 2020, you plan to work and earn $23,200 ($4,960 above the $18,240 limit). We would withhold $2,480 of your Social Security benefits ($1 for every $2 you earn over the limit). To do this, we would withhold all benefit payments from January 2020 through May 2020. Beginning in June 2020, you would receive your $600 benefit and this amount would be paid to you each month for the remainder of the year. In 2021, we would pay you the additional $520 we withheld in May 2020.
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OP - this is a good thing. You don't lose the money as pb4uski has pointed out.

What is needed is to decide, do you want to retire fully, or work ?

If I was in that situation and wanted to work 49 hrs per week, I'd suspend my SS so it grows for a few years.
 
Sunset said:
OP - this is a good thing. You don't lose the money as pb4uski has pointed out.

What is needed is to decide, do you want to retire fully, or work ?

If I was in that situation and wanted to work 49 hrs per week, I'd suspend my SS so it grows for a few years.
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Would retire fully. But the amount that I receive one could not live on.
 
I refigured this out and could fully retire. But, wouldn’t be able to save any monies. But that is OK.
 
OneMarcilV said:
I refigured this out and could fully retire. But, wouldn’t be able to save any monies. But that is OK.
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That's great! It means you are financially independent, the FI part of FIRE. If you want to keep working, or feel like you'd be more secure financially, then you can afford to take your time and find a better employer, maybe for a manager that you get along with better.
 
The Cosmic Avenger said:
If I were already drawing SSI, and I was unhappy at work as you seem to be, I would be gone already. Is SSI not enough to pay for your basic needs (housing, food, transportation)? If you don't want to retire yet, can SSI pay for those things while you look for another job, maybe with a better manager? If you feel like you can't retire yet, can you economize more on any of those needs so that SSI does cover them, or SSI + small withdrawals from savings? You might think it would be miserable to move to a small(er) apartment, trade a nice new car in for a used (but reliable) one, etc., but would it be more miserable than your time at work now?

I hope some of this helps, I'm sorry you're having to deal with this.
Click to expand...

All great suggestions! Just change "SSI" to "SS". :)

"SSI" is Supplemental Security Income, a federal welfare program that the Social Security Administration was tagged by congress to run, when SSI was created in the 1970s. SSI draws from the federal General Fund, it is a replacement for former state plans. The SS-related syndicated columnist, Tom Margenau, is always correcting people who think that "SSI" means "Social Security Income". It doesn't! Totally different program. Seems many at the SSA were not thrilled to have to handle the new SSI program back then, as it really didn't have any direct bearing on the job of administering Social Security (SS).
I've noticed others on this website use SSI when they really meant SS, but you used it the most times in one paragraph :D

Now, let us return to our regularly scheduled program...
 
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The Cosmic Avenger said:
That's great! It means you are financially independent, the FI part of FIRE. If you want to keep working, or feel like you'd be more secure financially, then you can afford to take your time and find a better employer, maybe for a manager that you get along with better.
Click to expand...

That is what plan I am thinking about.
 
So far after 5 months has been great. The only things I miss about the job I had is the monies and some of the workers there.
 
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