This is a Great Business.

[billberry12]

OK. Got it. NO rant needed. I turn 62 August 1. It is definantly an issue to me.

 

[somarco]

insurance renewal income does not count toward the maximum income allowed to get social security at 62 or full retirement age. Only new business commissions counts.

My renewals are not segregated on my 1099. Are yours?

 

[billberry12]

No. It's gonna take a little accounting work to keep up with, but...to me, it's worth it.

 

[rousemark]

Would be nice if it were an issue to me.. But I am full retirement age so none of it counts against my SS.

 

[billberry12]

I think for guys like me, who are basically burned out of doing this business, it is a blessing at 62 to be able to walk away, and all the work I have done over the years to build a renewal income is not keeping me from getting that little "free 'earned over a lifetime' income" is a great thing.

I guess it depends on your situation.

 

[HomeService]

I think for guys like me, who are basically burned out of doing this business, it is a blessing at 62 to be able to walk away, and all the work I have done over the years to build a renewal income is not keeping me from getting that little "free 'earned over a lifetime' income" is a great thing.

I guess it depends on your situation.

You must be fully vested? what happens if the company goes in there and starts switching your business to a new agent number? Not saying they will.....

 

[billberry12]

"You must be fully vested? what happens if the company goes in there and starts switching your business to a new agent number? Not saying they will....."

I am fully vested with all companies. Not sure what you mean by "swithching my business to a new agent number" I don't see how any company could do that. Hasn't happened in my career so far...

 

[somarco]

I believe you are confusing renewals with unearned income. Let us know how the audit turns out.

That being said, some of the career shops (life insurance) did at one time hold renewals in a separate account that was considered retirement income, or deferred compensation. I believe NYLIC credits worked that way.

 

[billberry12]

Call it what you wish, here is what it says on the social security website about it. With this in hand, and audit should not be a problem.


[FONT="Helvetica","sans-serif"]Insurance Salespeople[/FONT]


[FONT="Helvetica","sans-serif"]Many insurancesalespeople continue to receive commissions after the year they retire forpolicies they sold prior to retirement. This income will not affect theirSocial Security benefits, as long as the income was the result of work donebefore they retired.[/FONT]

 

[somarco]

SSA Handbook § 2136