General Discussion

Honeycombe8

(37,648 posts)

22. Yes. You can only earn a certain amt of income in order to get SS benefts...

Sat Sep 22, 2012, 10:24 PM

Sep 2012

before you reach the full retirement age.

If you earn $50K a year, and you decided to take your SS benefits at age 62, you don't get those benefits in full (I'm talking about the reduced benefits you would get at age 62, distinguished from the full retirement age benefits). Anyway, your age 62 benefits will be cut $1 for every $2 in income you earn (or something like that), up to a certain amount of the SS benefits. Then the rest are taxed.

There is a maximum SS benefit. The most anyone can get from SS at age 62 is less than $24k, I'm pretty sure. I assume the Romneys would get that maximum. So she'd probably get SOMETHING after being dinged for her income, and then taxed, but not much.

The Romneys don't need SS, so they will just wait to get the full retirement age benefits.

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Is Mittens collecting social security? [View all] ProfessionalLeftist Sep 2012 OP

It would be listed on the tax return awake Sep 2012 #1

Oh yea the ones he won't let anyone see ProfessionalLeftist Sep 2012 #2

Oooh! That would hurt! smirkymonkey Sep 2012 #3

Good idea! n/t ProfessionalLeftist Sep 2012 #4

I've known similar, and if it's for them, just them, it's OK. If it's RKP5637 Sep 2012 #13

Probably not yet. DURHAM D Sep 2012 #5

Either one of them collecting SS would be atrocious ProfessionalLeftist Sep 2012 #6

Mitt is probably on Medicare. DURHAM D Sep 2012 #15

She's not "retired" as she never worked. beac Sep 2012 #7

SSI has a means test, I think. nt Honeycombe8 Sep 2012 #8

It does. beac Sep 2012 #11

SS does not and she is past the early retirement age (62). DURHAM D Sep 2012 #14

I was responding to a post about SSI. But she wouldn't be able to receive SS, either. Honeycombe8 Sep 2012 #17

This is incorrect SickOfTheOnePct Sep 2012 #26

She will receive SS even though she did not have earned wages. DURHAM D Sep 2012 #12

Not true. SS is means tested before the age of full retirement benefits. Honeycombe8 Sep 2012 #18

Are you sure regular SS is means tested after 62? DURHAM D Sep 2012 #20

Yes. You can only earn a certain amt of income in order to get SS benefts... Honeycombe8 Sep 2012 #22

You are still conflating. DURHAM D Sep 2012 #24

Ahhh. So she'll only lose for her part of Romney's earned income from Bain or whatever. Honeycombe8 Sep 2012 #25

The same could be said for you SickOfTheOnePct Sep 2012 #27

SS benefits are not means tested. DURHAM D Sep 2012 #29

You have it all confused. There is, for all beneficiaries of Social Security, an income Bluenorthwest Sep 2012 #33

Good analysis SickOfTheOnePct Sep 2012 #39

so if you have a part-time job you get dinged but if you have capital income you don't? HiPointDem Sep 2012 #37

Correct SickOfTheOnePct Sep 2012 #38

well, if that doesn't take the cake. thanks. HiPointDem Sep 2012 #40

Yes, she will get SS through him, but not on her own. beac Sep 2012 #19

Yes - I brought it up. DURHAM D Sep 2012 #21

Even if he got it, it would go straight back to the govt because of his income... Honeycombe8 Sep 2012 #9

You are incorrect. Both before and after full retirement age, you are taxed Bluenorthwest Sep 2012 #35

She might have disability payments for her MS DonRedwood Sep 2012 #28

If you have a long life expectancy it makes sense to wait til 70 dkf Sep 2012 #31

No SmileyRose Sep 2012 #10

Born: March 12, 1947 (age 65). Probably is, have you even known a republican not RKP5637 Sep 2012 #16

Be careful. sadbear Sep 2012 #23

You are correct. It is an insurance program, not a welfare program, and that's want Dems want. nt wiggs Sep 2012 #30

+100 HiPointDem Sep 2012 #41

I remember being surprised PatSeg Sep 2012 #32

That's why I asked. You never know ProfessionalLeftist Sep 2012 #34

I have no problem with rich people collecting Social Security SickOfTheOnePct Sep 2012 #36

+100 HiPointDem Sep 2012 #42

I remember there being a discussion about McCain's Social Security PatSeg Sep 2012 #43