Will Social Security penalized me if I have any additional savings, stocks, etc. that I have when I retire?

Answer 1

First off, you should talk to a tax advisor or retirement financial planner. They should be able to answer your questions quickly and reliably. Check out the AARP Web site or another retiree organization to see if they have financial counselors in your area.

I've included a link below to the social security benefit calculator. They have one you can download that is more detailed in explaining what goes into figuring your social security benefit.

As of the early 1980’s, up to 85 percent of your Social Security benefits may be taxable. In some cases, the money you make off of tax-exempt investments such as bonds can affect your Social Security benefit taxation. There are ways to invest your income before you retire so that you can avoid Social Security taxes. Some people accomplish this through an annuity purchase, although the fees associated with maintaining an annuity might not be worth the taxes you’ll save. If you would like to speak with annuity agents in your area without any obligation to purchase anything from anyone, check out MostChoice.com. You fill out a form and mark the box next to “How to Avoid Social Security Taxes.” State-licensed annuity experts will get back to you within 48 hours.

You can find the site here:
http://www.mostchoice.com/annuity.cfm

Hope this helps,
[e-mail]

Answer 2

I offered a house to a guy a fives years back and he grew to become into ninety years previous. He have been given a thirty 12 months loan! The loan officer mentioned that it truly is unlawful to discriminate in accordance with age. That guy nonetheless had a job with sufficient earnings to qualify. The loan enterprise will use your SS earnings and any interest earnings out of your mark downs that can assist you you qualify. The extra you positioned down the fewer they are aggravating approximately qualifying, so positioned as plenty down as you are able to comfortably do. If that would make it complicated for then you you definately might evaluate getting the abode and loan now-according to threat lease it out till you retire.

Answer 3

Social Security is only based on what you earned.

If you were married for at least 10 years, you can collect on your spouse or ex-spouses social security too, unless you remarried.

The only hit that social security will give you is that when you make a salary and collect, they reduce their benefits by a % based on how much money you make.

Answer 4

Correctly accounted for "legal savings only" with all taxes paid and "sources of earning" declared. The "sources of earning" must be legal. This is the only way not to get penalized, for any law abiding citizen.

Answer 5

No, SS is based on lifetime earnings, not on what you own.

Re income: If you are over 65, there is no penalty for income. If you are under 65, the law says SSA must deduct $1 from your SS benefits for each $2 you earn over $11,520.

Answer 6

No, you pay into Social Security, your benefit is determined by the money you paid in and the age you begin drawing it......none of your other income matters.

Answer 7

There won't be any Social Security when you retire.

Answer 8

Not that I know of. they did not ask us if we had savings. Just how much we made the last year we worked. So do not cut back on your working that last year. My physician had already forwarned me.

Answer 9

No, there is no offset for savings or other investments.

Answer 10

Yup they will