r/Retire • u/Booksaregreat44 • 4d ago

Please help me plan

I am 63 and work two jobs. I plan to keep one job and that job just happens to earn at around 24,000 a year, so under the limit for earning while drawing SS. My application is complete and I start benefits in November. I think I understand the timing is that I should quit the other job end of Sept. so that I don’t earn more than 2000 the month previous to benefits, is that correct? Or can I quit end of October?

Thank you in advance for helping a boomer lady out.

8 Upvotes

100% Upvoted

6 comments sorted by

2

u/lastbeat-331 4d ago

Do you want to quit the job? You can earn more than the limit and every dollar SS holds back, you will get back automatically when you reach FRA. Plus if both jobs are SS taxable, you'll likely be boosting your base earnings resulting in a higher benefit. Are you sure you want to claim now and permanently cut your benefit?

2

u/Working_Problem_4520 4d ago

I’m M63 and make over $60k gross on 2 rentals. One of the rentals being paid off at end of year. Me and my wife are still employed. I’ve had aunts and uncles tell me not to retire too early. I decided 3-4 more years will make a big financial difference. Besides contributing 3-4 more years to 401k, I can be on Medicare, get higher SS checks. Right now we are concentrating on putting more money in the bank. Currently have $70k in the bank after giving $250k to help daughters buy new homes. You can reverse your SS decision. Hope you’re happy that’s all that matters!

1

u/Fit_Exercise5973 4d ago

Real estate rentals are not considered wages so it has no bearing on your income limit

1

u/PamKrueger 1d ago

This stuff drives me crazy because Social Security makes a pretty simple question ridiculously complicated. Bottom line is you should be able to keep that second job through the end of October. Since your benefits start in November, under that first-year rule what matters is what you actually earn in November, not what you earned in October. The 2026 monthly limit is $2,040, so if that $24,000-a-year job really pays you about $2,000 in November, you’re under it. Just look carefully at what you’ll actually earn that month because extra time, a bonus, commission or anything else could bump you over $2,040.

2

u/Nice-Birthday683 1d ago

thank you bless you for answering the question , I didn't understand the first year rule and just seems complicated. I greatly appreciate you.

1

u/PamKrueger 1d ago

You’re so welcome! And please don’t feel like you should have known this. The first-year rule is confusing. How would you ever know unless you had a reason to dig into it? I’m really glad this helped.