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Hi all! So, I am asked the same Social Security questions all the time. So, I thought I would share answers to some of the most asked questions from our clients.<\/p>\n
Q: How much do I have to earn to stop contribut\u0002ing to Social Security in a single year as an individual?<\/p>\n
A: $142,800 in 2021<\/p>\n
Q: How much am I allowed to earn at work before I reach my full retirement age and not be penalized?<\/p>\n
A: For 2021, that limit is $18,960. In the year you reach full retirement age, Social Security will deduct $1 in benefits for every $2 you earn above a different limit.<\/p>\n
Q: What is the required minimum distribution amount you must begin taking out of my IRA or (401)k?<\/p>\n
A: If you became 70 \u00bd prior to 2019, you must take in the year you turn 70 \u00bd – 3.65% of the December 31st previous year balance of all of your retirement accounts. If you did not turn 70 \u00bd prior to 2019, you must begin taking distributions from your retirement accounts by age 72. That distribution must be 3.91% of the December 31st previous year balance of all of your retirement accounts.<\/p>\n
Q: I heard that I can request from Social Security, a lump sum check when I start my benefits.<\/p>\n
A: Yes. They can back date your benefits and provide up to six months in a lump sum payment.<\/p>\n
If you have more questions that you would like answered, please feel free to take advantage of our Online Social Security Workshop, offered once a month. The dates are on the back of this newsletter. Need answers quicker and don\u2019t want to sit on hold with the Social Security office for 2 hours?<\/p>\n
Just call and schedule an appointment with one of our Advisors. Of course, there is no charge<\/p>\n
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Hi all! So, I am asked the same Social Security questions all the time. So, I thought I would share answers to some of the most asked questions from our clients. Q: How much do I have to earn to stop contribut\u0002ing to Social Security in a single year as an individual? A: $142,800 in […]<\/p>\n","protected":false},"author":7126,"featured_media":210371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[111],"tags":[],"class_list":["post-210399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-american-retirement-advisor-blog"],"yoast_head":"\n