Social security
I will be 70 in February. I have both full and part time jobs. I took your advice and am waiting until 70 to take Social Security. My husband is on disability and gets $1500 a month. I believe my Social Security will be around $3200. Our total income last year was $54,600. If I continue to work after taking Social Security, how much would it affect our taxes? Would it put us into a different tax bracket? Thanks!
Terry Says
A lot depends on your deductions, and your total income. But do keep working as long as you can. A small part of your SS benefits may become taxable, but you’ll come out ahead if you keep earning.
Currently, if you’re married filing jointly, Social Security benefits become taxable based on your “combined income” — half your annual benefits plus all your other income, including tax-exempt interest.
Married filing jointly $32,000–$44,000 means 50% of your benefits are taxable, and over $44,000 means 85% of your benefits would be taxable.
