Social security

[SLB_SA]

Well, I did it. I applied for social security benefits, to begin on my 69th birthday. At the end of the online process, I had to agree to inform social security if I visited another country for 30 or more days and to inform them if I started working or changed my residence address. With so many nomads on social security, what are the effects of these SSA rules? Do you keep the SSA informed of your address? Do you notify SSA if you become employed or self-employed?

 

[peteg59]

Not necessary to inform on temporary address change(s) unless you are or will be getting mailed checks.
You might find it best to establish direct deposit with a nationwide bank, vs a local or local credit union. Just in case you need any bank services whilst traveling.

 

[eDJ_]

SLB_SA wrote:

I had to agree to inform social security if I visited another country for 30 or more days and to inform them if I started working or changed my residence address. With so many nomads on social security, what are the effects of these SSA rules? Do you keep the SSA informed of your address? Do you notify SSA if you become employed or self-employed?

Yes, any of those things you agreed to should be followed. Many full time RV'ers join RV Clubs or buy a membership to a "Remail Service".

Travel outside the US for over 30 days. Yes. They will know if someone would steal a check from your mail box at home. But you probably had your SS deposit sent directly to your Bank ? (are you set up for "online banking" ? Do you have an anti-virus such as AVG set up on your Cell Phone to protect you ?

Starting to work or changing address ? After 66 you should be able to keep all of your Social Security benefits and the money you earn would be taxed if you earn enough to be taxed. But when working (self employed or otherwise) you can earn $21,240 annually before paying Fed Income Tax. But Social Security...may be a different matter, so they will want to make sure they have current information on your employment history.

Many full timers join RV groups for the many services they offer. South Dakota, Texas, and Florida have well known services.

Best SD Mail Forwarding

Escapees RV Club of Texas

St. Brenden's Isle Florida RVer's Remail Services

20 largest Banks in the US

Thread: Residency and Real ID for Drivers License

South Dakota has no state income tax. (just leaves you with the Fed's and Social Security) Stay in the state one night and the next day you can apply for citizenship. I understand the Drivers operators license is good for 5 years and can be renewed online from anywhere. The remail service in the first link allows you to use their address as your own address if you have an account there with mail box. You can go to the PO and get form 1580 or 88 and fill it out and give it to the service and that gives them permission to open your mail, scan it, and email it to you as an attachment. (then they dispose of the original) But these are the things you learn about in this lifestyle.

 

[SLB_SA]

Since my full retirement age (FRM) is 66 and I'm almost 69, the questions about employment seemed unnecessary. If someone retired before FRM, this information would be important to the SSA. Since my benefits will be directly deposited into my checking account (in the US), the notification requirement on international travel confused me; I imagine that many people ignore this. Do these requirements only apply while one's application for benefits is being processed or do they continue to apply throughout one's life?

 

[SLB_SA]

This hopeful article by Nancy Altman, president of Social Security Works, begins The current debate over Social Security provides the first opportunity in decades to make progress on an issue about which the American people agree. Republican voters — together with Democratic and Independent voters — overwhelmingly favor expanding, not cutting, Social Security. If discussions happen in the sunshine, not behind closed doors, Congress will expand benefits and restore Social Security to long-range balance. I think this opinion piece is worth reading.

 

[bullfrog !]

^^^As I have stated before people need to be informed and vote based on results and achievements of the people they put in offices of responsibility. If they fail to represent you or do what the majority of this country wants done, vote for someone that will. It is sad when polls clearly show what the majority of people want and their representatives fail to problem solve and create laws that insure their desires are met. Too many people let party ties over rule common sense.

 

[maki2]

SSI recipients do not have to quit working to receive it. But working changes a few things so there are questions about employment on the forms.

 

[Spaceman Spiff]

..... the American people agree. Republican voters — together with Democratic and Independent voters — overwhelmingly favor expanding, not cutting, Social Security .....

Surprise, surprise.
Everyone wants better benefits.
We just want someone else to pay for it.

 

[WanderingRose]

I’ve been drawing my SS since I was 62, always having that check direct deposited into my checking account.

Regardless one’s age, I believe, if you take on employment over their determined level, SS will cut your benefits.

Lots of retirees work part time, but the idea is if you are employed and making a fair amount of money you don’t get to also draw Social Security.

It’s not a pension system, which one is entitled to regardless other employment.

If I were to start working, I would read SS work requirements carefully, and notify them as required.

 

[maki2]

This stuff is all on the internet at the social security website. As the rules change over time just go to the website and look. They have online calculators and charts there. (It only takes a few seconds depending on the speed of your connection) to tap into the official information.

 

[Morgana]

It's not that they cut your benefits if you earn money, but that they can tax you on those benefits if you also earn over a certain amount. I think you'd need an accountant to figure out exactly where your cutoff point would be -- at least, my head explodes if I try to figure it out -- but I was able to get a vague ballpark idea and I've stayed within it (haha, stayed well below it actually).

IIRC in the first year you retire you get a lot more leeway on how much outside income you get to keep. So that gives you some time to figure it out.

I'm self-employed so I just report work income if/when I get any and am responsible for paying taxes and Social Security on it. If you're working for someone else, they'll be withholding those payments, and sending that information to IRS/SSA -- so IRS/SSA would know if you started working. Whether they'd do anything about it, I don't know.

Lots of people want your up-to-date address (IRS, DMV, etc.); I imagine you'd handle that the same way you do for any other agency.

By the way, belated congrats!

 

[bullfrog !]

On a side note, something many people don’t realize is that even though you receive a pension from work you did in another state if you go back to work in another state and end up filing a tax return in that state many states will tax not only the work you did in that state but also your pension you receive from the other state. In my case I get a small pension from the state of Kentucky. State Pensions are exempt from Kentucky state taxes (Kentucky’s way of avoiding having to raise pensions) but when I started working in Utah and went to file state taxes there they also required I pay them taxes on my Kentucky pension. Many states with a lot of retirees find this an easy way to get more tax dollars!

 

[Gr8ful]

Surprise, surprise.
Everyone wants better benefits.
We just want someone else to pay for it.

Sorry Spaceman, I paid for mine for many years & SS hasn't paid out more than it's taken in but Jimmy Carter raided $2.9 billion in 1977 & never paid it back. Worth about $1,481,039,603.96 today. 13% of what people earn goes to SS & that adds up fast.

 

[bullfrog !]

I for one do feel corrupt corporations and individuals that have manipulated our government systems and created such an imbalanced financial situation in our country that we are not able to deal with our social problems causing us to fall well behind other countries need to be dealt with and made to treat the citizens of this country more equitably so our economy can grow and we can remain a democracy and an example for other countries. Social Security is only one part of that which along with Medicare and Medicaid as well as Education and Housing (basic necessities which one needs to expand their income earning abilities) and even Immigration as willing workers come to join us in the “melting pot” that is America if for nothing else but to go back or send the message to their countries to fight to improve them.

 

[Gr8ful]

No offense but he U.S.A. is not & never has been a democracy. Per google "While often categorized as a democracy, the United States is more accurately defined as a constitutional federal republic. What does this mean? “Constitutional” refers to the fact that government in the United States is based on a Constitution which is the supreme law of the United States."

"Republic: "A state in which supreme power is held by the people and their elected representatives, and which has an elected or nominated president rather than a monarch." Democracy: "A system of government by the whole population or all the eligible members of a state, typically through elected representatives."

My gripe they've put welfare for people who've never worked & paid into the social security system.

 

[SLB_SA]

Social security is one partial counterweight to the increasing wealth inequality in the US; if social security benefits are cut or eliminated, wealth inequality and poverty will increase more rapidly.

 

[Gr8ful]

I fully agree.

 

[bullfrog !]

I have seen lots of people more than my fair share living in poverty. I have met very few if any that conscientiously chose to live that way. There don’t seem to be a lot of people that are jealous of people’s life living in a culvert or on the streets. Many families years ago especially in remote, backwoods Southern Ohio, West Virginia, Kentucky, Virginia,Tennessee and Arkansas would be too proud or too illiterate and having spent a lifetime of subsistence hunting, farming and bartering mainly with close family never understood there might be a government program to help them. Generations of bright, smart children were never given a chance to rise to their potential because they were to busy trying to survive. They grew old quickly doing hard labor. Many were “lucky” enough to get jobs in the coal mines or steel mills but most struggled at minimum wage jobs for a short time before becoming down ridden or depressed turning to alcohol or drugs. Many went into the military but ended up in the field carrying a rifle rather than a desk job due to lack of poor education. Many came back with more problems than they left with but at least they got some help through the Veterans Administration. A few were able to use the Educational benefits and after working hard making up for their lack of a basic education managed a good life with just a few nightmares now and then. Yes there is now quite a few people out there with drug, alcohol, physical disabilities and mental problems that are over 65 years old that need help. Social Security, Medicare and Medicaid don’t come close to being enough to meeting the basic needs a human being has to have in order to consider anything besides survival, never the less improving their living conditions by getting a job. Many come to this forum trying to cut costs living in a vehicle and find they can through extreme simple living survive and even prosper. Our government should reflect the people’s desires and insure the opportunity is there, lately seems they just want to take away any hope of helping those that need it. Silly because by doing that it makes everyone’s life better. Kentucky’s state motto “United we stand divided we fall!” Seems to have been forgotten by those quick to judge.

 

[user 22017]

Sorry Spaceman, I paid for mine for many years & SS hasn't paid out more than it's taken in but Jimmy Carter raided $2.9 billion in 1977 & never paid it back. Worth about $1,481,039,603.96 today. 13% of what people earn goes to SS & that adds up fast.

Carter didn't raid SS. From the NYT: https://www.nytimes.com/1977/12/21/...social-security-tax-rise-for-110-million.html

 

[Spaceman Spiff]

Sorry Spaceman, I paid for mine for many years & SS hasn't paid out more than it's taken in but Jimmy Carter raided $2.9 billion in 1977 & never paid it back. Worth about $1,481,039,603.96 today. 13% of what people earn goes to SS & that adds up fast.

That $2.9B isn't worth $1.48T today because Treasury Notes haven't kept up with inflation most years; and SS paid out $1.2T last year (2022). In 2022 SS payed out more than it took in so it started cashing in the IOUs in the 'lockbox'. That is projected to run dry in ~2035. Then SS will revert to distributing what it takes in, which will result in a reduction of benefits. That is what needs to be fixed before we start to talk about increasing benefits.