Replies to This Discussion

Permalink Reply by nc man on August 11, 2014 at 8:38am

Any kind of income affects social security. The government will audit what your yearly income is and adjust the S.S. accordingly! Found that out with our sign on bonus check money.

Permalink Reply by JK on August 11, 2014 at 10:00am

I was told by the SSI office that only W2 money earned affects your benefit.

Any 1099 money does not.

Royalties are 1099.

Permalink Reply by Susan A Tippel on August 11, 2014 at 10:19am

I have been doing just a little research online.  As I understand it, since I am only 62, I can't earn more than like 15,300 a year. However, I could receive any amount of royalties because it is unearned income--of course it is taxed.  And if I receive enough royalty money (don't remember the cut-off amount), then up to 85% of my social security income can be taxed.  But my social security check will not be taken away or the benefit amount reduced. Is that correct?  Anybody want to jump in?

Permalink Reply by nc man on August 11, 2014 at 10:56am

The S.S dropped our monthly $ due to the bonus signing check, we got from Shell, in 2011. That's all I know.

Permalink Reply by Susan A Tippel on August 11, 2014 at 11:29am

Is it a permanent drop or was it just for the year?

Permalink Reply by bo boboski on August 11, 2014 at 11:14am

It wont matter if you wait till you r 66 and sign for SS. benefits. You can make as much as you want then,although taxable,it wont affect your monthly checks.They really try  to discourage people signing at 62 by only allowing a net income of $15,300. That.s net,taxable income,which I think will include Royalties. Once you go over that amount,they will take 50% of the overage out of your benefit checks.Dont know how long it takes them to do it, since they have to wait for your tax return # s . I'm sure the O&G co. will send the info the IRS! If you r getting good royalty checks, it may pay to wait till you r 66.I.m in the same boat,but wont see any royalties for 3/4 years, so I signed up to get some of the $$$ back they sucked out of me over the last 45 years!

Permalink Reply by Susan A Tippel on August 11, 2014 at 11:28am

I have already signed up for SS.  If the government discourages you to collect it at 62, then it must be the right thing to do!  I am sure that royalties are considered unearned income, and that your cannot EARN more that $15.300--well, it is a question for a tax person, I can see that.  I am taking my Social Security NOW, before it goes bankrupt.  I want to get as much as I can before that happens. 

Permalink Reply by Susan A Tippel on August 11, 2014 at 11:36am

I found this on a web site out of Columbus:

"What if I don’t continue to work but I have substantial other income?

Social Security benefits are reduced because of earned income. Unearned income, such as dividends and interest will not trigger a loss of benefits."

Permalink Reply by Lois Legarth on August 11, 2014 at 4:26pm

I don't know about ss but they will make you pay more for your medicare part B and drug premium if you make a certain amount They doubled my husband"s from the 104 per month to 208 and added 38 more for the drug plan for one year  they based it off the 2012 income and he signed up for medicare in 2013 but it will go back to normal next year

Permalink Reply by Susan A Tippel on August 12, 2014 at 8:32am

Yes, I have heard that.  But that is Medicare and not Social Security.  But thanks for the infor.

Permalink Reply by 0ym9x5ag7ury2 on August 11, 2014 at 8:21pm

Susan,

      The beauty of being on a CHK well is your royalties will never lift you out of the poverty income bracket. Maybe that's why they have stopped paying royalties, along with wanting to keep it all for themselves.

Permalink Reply by time will tell on August 12, 2014 at 6:44am

 Ron ,I'm laughing out loud but sadly .

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