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Recent Monthly Earnings questions

I am 70yo; retired at 63. I have been working full time for

I am 70yo; retired at 63. I have been working full time for the last 4-5 years. How does this effect my benefits?JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.Customer: I am 70yo, working full time for the last 4-5 years. I retired and began receiving benefits at 63yo. How does my continued full time employment effect my benefits?JA: Is there anything else the Retirement Accountant should be aware of?Customer: Not to my knowledge.

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Stephanie O Joy, Esq

Managing Lawyer/Advocate

Doctoral Degree

11,798 satisfied customers
The application for benefits #9 (a) asks "Are you, or during

Hi-the application for benefits #9 (a) asks "Are you, or during the past 14 months have you been unable to work because of illness, injuries, or conditions?" What is the affect of the answer to this?JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.Customer: I plan to file to start now at 66 and suspend, and restart later. How does the answer yes or no to this question affect the benefits I will receive?JA: Is there anything else important you think the Retirement Accountant should know?Customer: No

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,826 satisfied customers
On my previous question with emc01175 we discussed about me

On my previous question with emc01175 we discussed about me capping my ss 118,500 which I intented to do but come to find out my accountant did not do. So we were dicussing amending 204,2015 and he said it would cost about 5K annually. My accountant is amending both years and she came up with the addition SE tax due is right around $12000 each year. Not including interest. She said that he did not include both shares of the SE tax (i.e. employer and employee portion) Is that correct? Also emc0117 mentioned that they figure ss benifits on the best 35 earnings. How do the figure how much you will get every month once they look at the best 35 earnings? Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,826 satisfied customers
My employer listed my Social Security Wages incorrectly on

My employer listed my Social Security Wages incorrectly on my 2015 W2 statement.On line 1 of the W2, the entered the adjusted amount that they also listed on Line 3 of the W2. The difference is about $2500.00 less than my actual gross wages. They also only deducted Medicare and Soc. tax from the adjusted amount. So my Social Security statement shows my gross income short by that amount. Will that amount make a significant difference in my retirement pay out? I am 62 now and may want to retire in 4 yrs. My personal income averages around $70-$75k/yr for the last 10 years or so.I pointed this out several times to my employer and adjustments have been made for my 2016 income. I work for a small business with less than 50 employees and the issue does not seem so serious to them.I would not make an issue for a small gain but would I be liable for this in the future?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,962 satisfied customers
I'm turning 62 next April 2017 and have a dependent child

I'm turning 62 next April 2017 and have a dependent child which will be 13 yrs old. My wife will be 59 yrs. old. Both of us work. I work as a Teachers aide with an income of $21,000 per year. I paid about $6,000 pretax dollars for health insurance and $1200 per year to a health savings account in pretax dollars. I contribute about $11,800 to a 401K in pretax dollars. My wife has around $26,000 in annual income. She contributes $7200 to a 403B in pretax dollars each year. We have give or take $100,000 in dividends annually for investments. My SSI will be $1130 monthly at 62 and $1440 in I wait till 66 yrs and 9 months. If I draw at 62 my spouse and my child are both eligible for benefits. We are able to increase my wife"s contributions to her 403B to decrease her taxable income. How does these numbers tie together and what could we expect in our monthly SSI income by each person? I understand my wife's SSI stops when my child turns 16. I also understand my child's SSI stops at 18 or graduation from high school. Would there be health care benefits for my child when I turn 65 yrs old?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,826 satisfied customers
I am 67 yrs and 7 months old (3/26/1949). I am receiving

I am 67 yrs and 7 months old (3/26/1949). I am receiving social security but am gainfully employed and wish to stop receiving payments until the mandatory date of 70 1/2. Will my benefit be increased by stopping receipt of current payments? Will my current FICA withholdings add to my benefit?Duard

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,826 satisfied customers
I just received notice that ss has increase my benefit

I just received notice that ss has increase my benefit amount but decreased my survivor benefits, why is that? I will still receive the same amount i've been getting, but this amountsd to no incease.JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,826 satisfied customers
I have been receiving my retirement from a county agency

I have been receiving my retirement from a county agency since 2000 and at 66 have just started receiving my social security benefits. I have worked for 16 years paying full time into social security plus part time before that and i under stand because i worked for a government agency i will not get the full amount i am eligible for. The amount is $777.00 and i am getting $333.00 approx amount. my wife has been working full time paying into social security and is retired receiving $1400 a month in benefits, of course i feel i should be receiving my full amount however i am being told that i should be able to draw from my spouses and receive more money any help would be appreciated. thank you Jim Mckeever

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,826 satisfied customers
If I take retirement benefits before age 66 I know I'm

If I take retirement benefits before age 66 I know I'm limited to earning some $1,300.00 per month. Two questions: When I get to age 66 is that limitation lifted? Is the allowed amount prior to age 66 gross income or take home? My work has significant business expenses associated with it.Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,826 satisfied customers
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