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Capital gains DO NOT count against your Social Security earned income limits! But they can cause you and your spouse to pay more for Medicare via IRMAA (the surcharge the rich pay for Medicare Parts...
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Yet Another Reason To Avoid Taking Social Security Early‼️ (the annual earnings limit) Taking #socialsecurity early sometimes makes sense... But not very often 😅 You’re much better of maximizing the guaranteed returns provided by social security and using your other #retirement assets if you plan on retiring early 😎 Now most people think taking it early is best but you are giving away too much if you do (it’s just the truth)‼️ You’re locking in a lower benefit for you, for your spouse, and giving yourself less of a hedge against inflation in retirement 😔 You’re also locking in a much lower #guaranteedincome stream that can hurt you very badly if you ever need #longtermcare 😒 But, you’re also preventing yourself from EARNING money from age 62 to 70 (which is when most people make the most of their wealth) 💰 💰 💰 Here’s how it works (based on 2023 figures): ☑️ Between age 62 and your full retirement age (FRA - usually 66 or 67) you can only make $21,240 or you’re going to penalized (heavily) 😳 For every $2 you make above that, you’re going to have $1 taken away from your social security benefit (a 50% penalty)‼️ ☑️ The year you reach FRA the limit goes up to $56,520 and the penalty is reduced... 🤔 Now every $3 you make above this new threshold is penalized by $1 dollar (only a 33% penalty now 😐) This means if you’re making $200,000 per year you’re going to pay almost $48,000 in penalties (that’s likely more than your social security check so you basically won’t even be able to collect it) 😧 ☑️ Now, if you wait until after your FRA, there is no penalty 😏  Plus, remember that your social security benefit will grow at 8% per year, every year you wait past FRA 🙌🏻👏 So not only are you gaining 8% per year by waiting, but you’re able to continue maximizing your income in your PEAK earning years 🤑 So once again, waiting until at least your FRA is (typically) the right move ♟️ Now feel free to (try) to tear me apart in the comments for this one 😂😂😂 P.s. Pensions, investment income, and #annuities do NOT count against this rule.... Let’s chat 💬😎

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