Withholding thresholds for early fillers are climbing
Only a few will be aware of this, but filing for retirement benefits before hitting full retirement age has some drawbacks. First, they have a permanently reduced monthly payout, while suffering full exposure to retirement’s earnings test.
Early filers who don’t hit their full retirement age in 2021 will have $1 in benefits withheld for every $2 in earned income above $18,960. In 2021, the income threshold levels will be increasing.
Those who file early won’t hit their FRA will be allowed to net $19,560 ($1,630/month) before benefit withholding kicks in. For retired workers that are about to reach their full retirement age next year, the income threshold is rising to $51,960.
I have been living below the poverty line for several years – receiving enough money to pay a reduced rent, a phone bill, and Con Edison leaving just enough for basic household needs. No movies, dinners out, no memberships in organizations I used to belong to – just a stay-at-home existance with food stamps to get me through the dail challenges. Any increase in Social Security payments would be a most welcome addition to my life.
The Social Security Administration has announced a 5.9 % increase of the amount of retirement benefits for 2022. You should see this increase in your SS check or payment in January .
I have been living below the poverty line for several years. My monthly social security covers a reduced rent (SCRIE), a phone bill, Con Edison, and cable with little left over for basic household necessities – no movies, dinners out, entertaining, membership in organizations I used to be a member of, etc. I receive food stamps which is most necessary. But I have many medical expenses which I am approaching very slowly but steadily depending on what surprise expenses might appear each month. Any increase in my monthly Social Security check would be a most welcome addition to my life.
My husband is 63, I am 79 and started SS ASAP (in my 60’s). Can I draw on my husbands SS? When and how much? I get the minimum now. Thank you.
I truly appreciate the added income but it will only benefit the insurance companies. Every time I get an increase in my monthly payment it is eaten up by the Medicare insurance. I have worked since the age of 16 and I am 80 now and still paying Medicare. Yes I am good with the changes.
Hello Ola
My wife collects on my S.S.
SHE RECEIVES ABOUT half of mine.
Alittle under half 820$$
This really helps the raise we got is eaten up by all the high prices.
I am 70, wife is 63 👍Goodluck
ok how does a person max their benefits?
Delay claiming your benefits until the age of 70.
We need more drastic changes…..higher deductions for higher earners, change FRA to 70 from 67, in order to save Social Security from going broke. It is pathetic that Congress is afraid to move on these important changes. By not doing anything they are willing to take everyone down.
What is the easy trick than could save you as much as $17,166 more…EVERY YEAR?
delay claiming till 70
So I’m guessing you are still working then to right. People don’t want to work their whole life. Besides to me that would hurt companies cause people would be less productive as they get older.
Am I missing it, or has nothing been published about the cost of Medicare going up? I recently received my new statement of benefits for 2022. Medicare went from $148 to $167!! So my so-called raise of 5.9% was totally erased. I am getting the very same each month as I did in 2021. What gives!?!
I AM WONDERING WHAT HAPPEN TO MY SOCIAL SECURITY YEARLY STATEMENT ? ARE THEY STILL BEHIND ? HOW DO YOU FILE FOR SOCIAL SEC FROM YOUR EX – HUSBAND ?
I am disabled does this applies to me
B.S. on your increase, it’s nice to have but dental and vision coverage would help us more than this measly raise. Our congressmen get their benefits for free at a gold standard. Seems like some of them don’t like this government and would rather tear down this social net for US. EVERY raise you gave me in SS you took back with increases in my health coverage and prescription coverage, they seem to agree on doing that with my raise and RTA increases. They should pay their own way and get off our backs.
Walter Lane How can I take advantage of $17166 and maximize benefits.
What is the easy trick than could save me as much as $17,166 more…EVERY YEAR?
You state this “The $17,166 Social Security bonus most retirees completely overlook” but there is no link to how or the other handful of other savings
Thx for the COL raise but what a shame we had to get it this way wouldn’t it be better for all citizens if the inflation didn’t happen and the younger people that didn’t get raises or who are working still have to pay the higher prices for everything .. Why can’t our government work on the inflation problem so we all could benefit not just we seniors who get the cost of living increase .. my adult children and their families need help too with our outlandish prices in this country now .. as their pay checks didn’t increase …
Great but how do you find out about the bonus you completely overlook??
I would like to know the Social Security secrets, please respond.
The increase is not what the government makes it out to be because what is deducted for Medicare went up. Retirees are not seeing a 5.9% net increase to monthly benefits that can be used for the ever increasing cost of living and the extreme inflation that Americans are experiencing. I am 70 years old and have worked since I was 14 years old. I have paid in much, much more social security and Medicare than I will ever get back. I think that what a worker pays into social security over a person’s work life should be what the person gets back dollar for dollar. Instead, the government gives it to foreign countries that hate and kill Americans while American retirees scrape to get by!.
When I and my wife retired, we both did two things:
1. We both waited for the max age 70 1/2 to retire with the max SS benefits.
2. We filled out the on-line forms for SS and asked for a meeting at the SS office. We both went to the SS office, had everything checked and asked the SS officer if there were any special deals for new retirees.
She said yes there was a special deal. The deal I got, if I would take $80 less in monthly payment the SS office would put $12K in my bank account. I accepted the deal, and that money was instantly put in my bank account. The wife accepted $60 less and got $10K in her account.
How can a retiree obtain the $17,166 Social Security bonus mentioned in this article?
I barely make it month to month, just covering the essentials every month to have heat, garbage, phone,water and TV. I don’t eat out, no social activities, no weekend drives to see the mountains and etc. Widowed and by my self, not much of a life, don’t really call it much of a quality of life. I worked since I was 16 and finally had to stop working at 72 due to health issues, Any extra added to SS is more then needed and Welcomed, Inflation is so high gas, food etc.
so what they raised medicare so they took most of the SS raise…