Ok so SS has a salary cap for those folks below FRA (Full Retirement Age) which is 67 for those born in 1960 or later. For those born before 1960 your FRA is 2 months less than 67 for every year that you were born before.
I retired early, but didn't sign up for SS until I was 62, After a few years I had to resume working so we didn't have to live in a ghetto apt. For 2022 I went over the salary cap by 8k, so they took 4K back starting in Sept. of 2023. For 2023 I went way over the salary cap by about 23,600 bucks, and I was thinking that in Sept. of 2024 they would just take my check until they got their money back starting in Sept.
That's not what they did, they suspended my SS so that the amount I owe back is not going down, not only that, but they now are estimating that I will earn the same again this year. Most likely I will... So 11,800 I owe back X 2 23,600. I only currently receive 1256 a month (Having paid in for 45 years) Not accounting for raises I owe 18.7 Months worth of SS back to them.
There are multiple options including getting some or all forgiven if you can prove hardship, and I can't, my wife works. Another option is to pay the money back. If I don't then when I reach FRA they will resume my SS and take back the money starting then, I'd be 68 and some months before I get the money again. The rules are the rules and I don't intend on trying for debt forgiveness.
Instead of paying for both years, I'm considering liquidating some of my real money (Cough) and paying back for 2023, then waiting to see if any changes come along after Trump gets back in the WH, and seeing how I'm affected.
Even if I liquidate enough to pay for both years, I still have some left. Also paying back and / or suspension increases how much you receive at FRA, so there's no penalty for retiring early as long as you live to about 80.
What a scam, they deduct SS from my pay, and since I work my SS is 85% income taxable, plus this whole salary cap thing. The salary cap goes away at FRA and is only on earned wages not on investment profits.
I'm earning 17 bucks an hour and the cap for this year is around 22100 So even without overtime I'm 12 K over the cap... I'm a security guard, a low paying field. LOL I like the fact that you get more SS at FRA for the clawback and suspensions, but its gambling right?
IMHO SS should not be taxed and there should be no salary cap. Biden's Admin changed the rules to screw people, gives them more money to feed the "New Arrivals"
At a typical Downtown building that opened Feb 2020 the rent on a 2/2 is 4K a month, a 1 bedroom is 2.6K a month (occupant tells me its big, 100 Sq feet.) We are paying 2K for a house thats 2,600 Sq Feet. 5 or so Miles away.
There are several huge projects going in where the downtown mega-dealerships were. Almost everything you could want is electric scooter distance (Mostly rental scooters). Young upwardly mobile people are electing NOT to drive, or just rent a car for weekend excursions.
I'll wager that electric cars are being pushed hard to make cars unaffordable for lower middle class and below. I quit driving because of eyesight and accidents, but would gladly buy a car that drove itself if they actually worked well, but I'm stuck riding the bus or Uber, safer for all of us that way.
The identification process will now require your name, date of birth (DOB), and your Social Security number (SSN). If you do not have a SSN, then a Border Crossing Card (BCC), Social Insurance Number (SIN) or Mexican passport number (MXPP) will be used.
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.
I'm not going to promote any interaction by linking, but search X for Disney to see a list of their twitter pages.