For those who retired before their full retirement age and are earning above the Salary Cap 22,320 (2024) Be aware that they will use your 2023 Over Cap amount, for 2024, and suspend your SS to reclaim what you owe for 2023, AND to cover the next year going forward. In my case about 18 Months.

posted 165 days ago by GodBlessAmerica58 165 days ago by GodBlessAmerica58 +84 / -0

This is part of Biden's Unrealized Capital Gains, strategy. I'm an hourly, and can not determine how much I earn except by working OT or not. I was expecting the clawback for my 22,000 Over cap (I owe 11K), but I wasn't expecting them to pro-rate this year and suspend for additional months.

I can quit working now and be around the cap, which would stop them automatically suspending me for this year, but still owe for last year. I can liquidate Assets and pay them for one or both years, but they don't charge interest so...

WTAF, they still take SS taxes from your pay, clawback half of earnings limit overages, and whatever you actually get from SSA is taxable as income.

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– Verumvalet 2 points 165 days ago +2 / -0

Good post. I’m eligible in 1 more year IF I start drawing at 62. I won’t due to the earnings limitations OR will see about putting earnings in the wife’s name where I can (self-employed).

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– Irishman4Trump6 5 points 165 days ago +5 / -0

Hopefully, Trump will have fixed it by then Fren

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– wyomiles 1 point 165 days ago +1 / -0

Thats why I am waiting until after Trump is back in.