Ask Larry

Earnings Test

Will Earning $150 A Month Negatively Affect My SS Benefits?

Hi
I will be 62 in November 2022. I have my 40 credits of SS. I have half my years with $0 earnings. My daughter wants to hire me for $150 a month and give me a 1099. Will this affect my SS benefits negatively? Should I just suggest another way to compensate me? Thank you. Karen

Hi Karen. No, earning $150 per month won't have any adverse effect on your Social Security benefits. You can earn up to $19,560 in 2022, or up to $1630 per month without causing any of your benefits to be withheld due to your earnings.

Posted: 
Thursday, August 4, 2022 - 12:00

What Are Your Thoughts On My Situation?

I retired from New York State in September 2020, and began collecting Social Security in February 2021. I received a retroactive check from a contract that was settled after I retired . I believe it was in July 2021. It is common practice for New York civil service employees to receive retro checks after their late contract is settled. Social Security Administration claims I was overpaid because my "work and earnings", exceeded the earnings limit. Since I was not working, I don't think I should have to pay . I will be filling out the waiver and reconsideration forms.

Posted: 
Friday, June 17, 2022 - 12:57

Is There Any Way For Me To Shelter My Insurance Award So That I Won't Have To Give So Much To Social Security?

I am currently negotiating a Personal Injury lawsuit settlement with an insurance company that will put me way over my allowed annual earning. Is there any way for me to shelter this award to avoid giving so much to social security?

Posted: 
Friday, May 20, 2022 - 21:24

Will The Income That My Wife And I Receive From Wisconsin's Medicaid Waiver Program Count Against Social Security's Earnings Test?

Hi Larry, I am a retiring in less than a year at 66 1/2 and draw my SS benefits, my wife will be 63, we have a disabled son, and we get paid for his cares through Wisconsin Medicaid waiver program, the income does not count as federal or state income -therefore no taxes are paid on this income of $26,000 for each of us, however SS taxes are withheld.

Posted: 
Tuesday, April 19, 2022 - 13:13
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