Social Security ripoff....

[merle&louise]

I will be 62 years young in June of this year so I filed for social security benefits online. The SS lady calls me today telling me that I ain't getting my monthly check! Why not I asked? Apparently, you can't draw a salary of more than $14,000/year and collect social security. She tells me that I must wait until I am 66 in order to draw a salary and collect social security.

How about them apples:eek:

[Gary & Peggy Stevens]

Did you make the mistake of telling her you'r in one of them fancy Newell motorcampers? Maybe that is what made her made at ya! :( :D

Gary S.

[hhoppe]

Tuga! Come to California we give everyone SS benefits. Age no matter, citizenship no matter. Juss don't tellem you got a job man! Free cheese, food stamps, free gasolene (must have a hose), free doctor, free lawyer, bring your cousins.

[Jon Wehrenberg]

Tuga,

Is your business incorporated? If so collect dividends and not a salary.

[merle&louise]

Tuga,

Is your business incorporated? If so collect dividends and not a salary.

Yes my business is incorporated, but when I collect dividends they are taxed twice!:eek: Once when the corporation makes a profit, and again by me when I receive them. Automatic bad deal!

[Denny]

Tuga,

I'm not an accountant, but it is my understanding that dividends are a pretax expense just as salary, rent, cost of goods sold, etc. are. They are not part of profit thus no tax paid on them. Once you receive dividends they are presently taxed at 15% not at the regular income tax scale. My account has reduced the rents I receive and replaced it with dividends to take advantage of this loop hole. With the thieves in control of Washington who knows how this will play out in the future.

[flyu2there]

I will be 62 years young in June of this year so I filed for social security benefits online. The SS lady calls me today telling me that I ain't getting my monthly check! Why not I asked? Apparently, you can't draw a salary of more than $14,000/year and collect social security. She tells me that I must wait until I am 66 in order to draw a salary and collect social security.

How about them apples:eek:

Unfortunately that has been the law for some time, like forever. The $$ number seems to go up a bit each year but it is still way low......the buzz word here is salary. Others have offerred suggestions that you may find valid....

John

[Jon Wehrenberg]

Tuga, A good accountant will find a way for you to stop receiving income from a salary and shifting it to passive income which does not affect your SS.

There are a lot of ways to do it.

[merle&louise]

Tuga,

I'm not an accountant, but it is my understanding that dividends are a pretax expense just as salary, rent, cost of goods sold, etc. are. They are not part of profit thus no tax paid on them. Once you receive dividends they are presently taxed at 15% not at the regular income tax scale. My account has reduced the rents I receive and replaced it with dividends to take advantage of this loop hole. With the thieves in control of Washington who knows how this will play out in the future.

Denny,

Thanks for the reply. I spoke to my CPA and read your post to him. According to him dividends are not a pretax expense. The corporation pays tax on its profit and then that after tax money is used in paying out dividends. Then the receiptent of the dividends pays a tax at 15% tax rate. Thus the double tax. You are correct about the 15% tax rate however.

[Denny]

Tuga,

Sorry for the bad advise.

[lewpopp]

Tuga,

Put those damn checks in Louise's name. And....I still don't understand the double tax. The corp dividends are not taxed unless they are left in past the year end. It would only be taxed once if you took it out before as dividends. Am I repeating myself?

You are afraid to put it in Louise's name cuz she'll run off with one of those old Prevost owners who are google-eyeing her. I'd be afraid too.

[garyde]

Hey Tuga. Wait until your 65 or 66. You'll get more $$. That's if the Govt. has any money left.

[merle&louise]

Hey Tuga. Wait until your 65 or 66. You'll get more $$. That's if the Govt. has any money left.


That is exactly why I'm trying to collect early at age 62. The system will begin paying out more than it is taking in in 2017:eek: I'll be 66 in 2013!
And it will be complete broke in 2041.

Duh!

[merle&louise]

Tuga,

Put those damn checks in Louise's name. And....I still don't understand the double tax. The corp dividends are not taxed unless they are left in past the year end. It would only be taxed once if you took it out before as dividends. Am I repeating myself?

You are afraid to put it in Louise's name cuz she'll run off with one of those old Prevost owners who are google-eyeing her. I'd be afraid too.

Lew, that's a good idea; I'll just put Louise on the payroll and take myself off:D

That was easy! Thanks for the good advice. I'll buy you dinner next time we are in PSL.

[lewpopp]

You're welcome, Tuga. Don't forget to bring Louise cuz you are nuttin without her. How many times have you felt that?

[merle&louise]

Hey Lew, I bring her everywhere I go. She is my better half as they say.

I have to bring her, I need her to back up the MH.:D