Quote:
Originally Posted by Muley Gil
"My current retirement checks is well over what I am allowed to make before the penalty comes in. My currentincome is over what I am allowed and they also consider income from rental property and other members of the household."
Your retirement should not be considered as income, since you are not working for it. Yes, the rental income is considered wages, as is money received from others.
|
According to social security people, any income I have that is taxable goes against what I would draw in social security. I have two retrirement checks that are taxed, along with my working income that is also taxed and the property income which is not taxed but I have to pay tax on. I would get a social security check but the entire check would be taken back due to taxable income. So I decided to see if I could live one more year before drawing it.
I am pretty much bummed out by all this since I feel I paid in a lot of money over the last 46 years and think I should be able to draw SS without a penalty. When I began paying, they said I would be able to draw a full pension at age 65. I made it to 65 and now have to make it to 66. Before then, some person in DC may decide to make the magic number 70.