Re: Social security benefits. - Landlord Forum thread 360996

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

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.

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Re: Social security benefits. by Fred on December 7, 2020 @21:28	[ Reply ]

Thanks for the response. That is what I thought reading the SS web site. I'm just burnt out mental & physically from my job. Looking to enjoy life more on my schedule. And in the covide world we live in now. Work has slowed to a crawl. I have 3 houses that would provide me with enough income. As I owe no one money. Thanks again.