Money question

This seems to be different from what the SS office told me. But they're government people. Where do I find the information you have.

That might make it worth it just to be able to change later as available. Right now the county is sucking wind for drivers. Seems they all quit at once. The new Co dude is a very likable person. Couldn't get on with the last one cause I'm not a local nor a mason.

I'm still an outsider here after 12 years. People are just now starting to do business with me. I can get more work if I do it for less than cost or free.

I've fixed some things others have botched. They were paid more too!!

Yeah. that outsider think kinda scares me when we move, but I usually fit in well where ever I've lived... We already know a lot of people in the area, and some stop in when they know we're at the farm to say hi.. so hopefully it won't be so bad for us..

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.............OK , just found the correct numbers................
..............for Year 2013 , you can earn $15,120 ! SS will deduct $1 in benefits for every $2 earned above $15,120 !
..............for Year 2013 , (IF) you had turned age 66 this year , you could have earned $40,080 in salary OR self employed net income ! SS would have deducted $1 dollar in benefits for every $3 earned above $40,080 !
...............Interest income AND stock dividends are counted in the exempt amounts just like a salary is counted ! OIL Royalties are....NOT.....counted toward the exempt amounts . , fordy

Fordy's right about the amounts you can make when drawing SS. I don't know about SS disability. If you are on that I'm sure the amount is much less.

..................Are you on regular SS or SS disability ? I had assumed you were on regular SS ! , fordy

Regular. And thanks for the info.

I don't know much about SS, but as Fordy mentions, I thought the old rules of limiting your earnings has gone out the window, and a person can pull in a pretty good income and still collect these days?

Perhaps there is a difference if you are self employed, part time, or full time, little details like that can catch a person on govt programs?

Paul

I've always heard the magic age was 72. I think this is when one draws full benefits. At that age I guess they give up and say there is no point cause you gonna live.

It used to be that you had to stop farming at 65, or you wouldn't get much SS. And if you rented out farm land, you had to cash rent it out, not share crop it. The share cropping meant you were still working at farming, and effectively canceled the SS.

But that all changed too, doesn't matter now.

Here is a pamphlet that puts it in charts and stuff from the SS people:

http://www.ssa.gov/pubs/EN-05-10069.pdf

Paul

This topic has come up for us during tight times when we wondered if we should take an off farm job for income. It has never pencilled out to be worth it.

We figure that to work off farm would cost us $15,000 to $25,000. Thus we would have to not only make that but also have to make up for not being here on the farm to do our farm work. There are a lot of extra expenses to work off farm such as town clothing, vehicle, fuel, etc.

Taxes go up too since we don't get taxed on the work we do for ourselves but the government takes a big chunk of what we do for outside work.

Then there are the other issues like increased disease from working in an office, having to deal with other people's issues (office politics), increased risks from commuting, etc. No monetary valuation on these things but they're big factors.

So rather than taking on an outside job we've always just tightened our belts a bit more and made do. Some years we've bought nearly no food, no cloths, almost nothing. A penny saved is 1.36 cents earned due to taxes alone. More with all the other costs.

For us it is far better to focus on building our farm and doing what we do well here. Also more enjoyable.

Cheers,

-Walter Jeffries
Sugar Mountain Farm
Pastured Pigs, Sheep & Kids
in the mountains of Vermont
http://SugarMtnFarm.com/

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SugarMtnFarm.com -- Pastured Pigs, Poultry, Sheep, Dogs and Kids

This may help the discussion

http://www.ssa.gov/pubs/EN-05-10003.pdf

It gives current numbers and information

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I would have to have $500 a week minimum take home

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Thanks!

That would be something like $33 an hour.

I think it is about $17 to $18 per hour, possible less depending on tax rates.

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IOWA

Not happy about current deduction/taxes don't pay them ever, work for yourself and pay your business taxes and only take cash as payment ,But you could never ask for government help ever ? taxes are voluntary .

Unless ya work for someone. Then they're confiscated called legal theft.

If you are doing things around the farm to make money, don't forget to deduct expenses before your income.

Eh, talked to the boss and someone before me in my similar situation ruined the deal. So I had to pass.