Social security benefits. - Landlord Forum thread 360993

Social security benefits. by Fred on December 7, 2020 @10:24

Hey, I'm looking into retiring from a construction type job in a year and a half. So I was wondering if my 3 rental properties would count as income effecting the Social security check I would get for retiring at 62. I see that if you make over a certain amount. The government charges 1 dollar for every 2 dollars over a certain amount. But is the rent considered income or investment?

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Re: Social security benefits. by L. on December 7, 2020 @11:36	[ Reply ]

It would probably be best to ask the Social Security Administration directly, that way you know you'll get the correct information.

Re: Social security benefits. by lpadave on December 7, 2020 @18:36	[ Reply ]

check with a cpa or the SSA. I believe rental income from real estate is considered passive income and as investment income would not affect your social security benefits.

Re: Social security benefits. by Garry on December 7, 2020 @20:08	[ Reply ]

LPAdave is right. Income from rentals does not affect your SSI checks, as it is investment income, not income from a job you are actually physically working at. I have been retired, drawing SSI, for 5 years now. I have 19 rentals with a net investment income of around $90,000. My SSI checks have only changed a few $ to the good------everyone on SSI usually gets a 1/2 % raise each year. BUT----it does affect your federal income taxes each year. SSI is all taxable every year, so basically it takes the place of your income from the job you are working at now. Once you start taking SSI, if you would get another parttime job with SS coming out of your pay, THAT pay is what could affect your SSI. Question---- do you really NEED to take SSI at age 62? If you can wait as long as you can before taking it, you will get more per month. If you can retire at age 67, you could get about 25% more per month, than at age 62. Also, you cannot get on Medicare till age 65, so you will have to pay for your own health insurance till then.

Re: Social security benefits.