Social security adjustment

This is something for the deep thinkers here to think about.

Currently if you collect Social Security you can only earn like $15,000 before they start clawing back on your Social Security benefits. So it really doesn’t make it worthwhile to:

A) be collecting and want to get a part time job for walking around money.

B) Quit your full time job to collect Social Security.

Why don’t they kick the allowable up to $25,000 which would in my mind encourage people to get out and grab a part time job to fill some labor shortages we have and also encourage people to retire from the high paying jobs so the younger workers can move up into those jobs. Seems to me that they could collect more employment taxes plus have more people moving into better jobs.

Just something I was thinking about while driving around today.

In scenario “B” are you thinking that many people are delaying retirement because they aren’t prepared/able/willing to live on SS and $14,999 or less in additional income? Not trying to question your position, just wasn’t sure at first read if that’s what you are saying or if you are trying to make a different point and it’s going over my head.

Does that $15,000(roughly) rule still only apply until a certain age?

I know several able bodied people that are far younger than SS wage that aren’t working because it seems to be too easy not to work these days.

I work for cash or trade for gas or fuel or propane. Been doing it for a few years and works out great

With the $15.00 a hour wage you could only work 20 hours a week before hitting $15,000 For me personally to stay under the threshold just doesn’t seem worth it. I also think it would be easier for the employers if they didn’t have to monitor employee wages so closely. I guess everybody would view it differently.

I don’t know, I just don’t see a reason for a cap on earnings.

Grizzly plan…
With the amount of lifetime freeloaders I have zero qualms about cash and keeping Sam in the dark.
Those able to work and are working need to be rewarded, we are paying way more than our fair share. You need to reward yourself because the Gov’t will just give it away to those who won’t work.

I’m with you on this Dutchy.If anybody wants to work let them.If they were working there paying back in to SS.Seems like a win-win to me.

The situation you describe Dutch reminds me of when I was still in the National Guard following my years on active duty army. You could be in the National Guard and be receiving payments for a service-connected disability. However, as long a you were in and being paid for your National Guard time, your disability payment would be deducted from your drill check (or vice versa, can’t remember which one).

So basically someone who got banged up a little in Iraq or will spend the rest of their life with ringing in their ears but still wants to serve gets their disability compensation taken out of their normal checks. So unless you need the pay and benefits from the Guard, it’s almost an incentive to leave the military and actually get paid your disability compensation.

Sounds like a good idea.
I just wish social security will be around when I decide to retire.

Michael it will be there. They said 50 years ago it wouldn’t last another year yet here it is. Remember this…..the guy who eliminates or proposes eliminating social security won’t be able to get elected to dogcatcher. So as long as you can vote social security will be around.

Not sure if it’s 66 1/2 or 67 the cap comes off at some point. I know a lot of guys that retire and take parttime jobs for several reasons. Some hate their jobs or have trouble doing it physically. But most I know work for hobby money. Mow at the golf course to cover green fees. One guy is restoring an old car. Gives his wife the pension and S.S. checks. Other job goes to the old car, and he made contact people to help him finish his project. Building or restoring a house, work at Lowes or Menards for discounts. Many I know have taken jobs the really enjoy or learn something. Lastly, a lot of jobs you can set your schedule. Trucking outfit in town has 6 dump trucks and 12 retired guys. They can work as much or little as they want. One thing you learn when you get older. All the money in the world, can’t put years back on your life.

I hope your right Dutch but I have my doubts.

Actually, the current number is $18,960 , and the limit comes off between 66 and 67, depending on your full retirement age.

https://money.usnews.com/money/retirement/social-security/articles/what-happens-if-you-work-while-receiving-social-security

HRG

Once you reach full retirement age {FRA} income level restriction go away. After FRA you can earn as much as you want.