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.
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).
Keep in mind you get whatever they take away trickled back to you with an increase. Something like .5% a month. for each month lost. 6% for losing a year...
Good advice. Can’t see retiring until 64 1/2 due to the dang health insurance costs that are astronomical. Thinking of hanging on till Medicare and supplement insurance. 🤷♂️🤬
I'm lucky to be on my wife's health insurance, so I only have Medicare part A which is free. Medicare Part B costs close to 200 bucks, plus you need a supplemental. Advantage is terrible, and GAP is expensive.
My wife and I pay $14,000 a year and still have to pay for contact lenses and when I go to the doctor (1 or 2 times a year) I get billed $400+ - fucking joke