Full time job and the effects on SS
Hi Terry,
I am 69 ( recently laid off) and have a job offer for full time work with a salary of $150K. I will not receive any SS payments until 2-15-2025 ( which is my 70th birthday).
How would this job opportunity affect my taxes and possibly my SS monthly payment amounts?
Look forward to your answer!
Thanks
CD
Terry Says
Go to work, and keep working as long as possible! And good for you for waiting until 70 to get the highest benefits.
Working at this stage will not impact the amount of your SS benefits, and if you continue to work at a high salary, it might even increase your benefit as the latest years of employment might increase your basic benefit.
BUT, at some point in earnings, a portion of your Social Security benefit will become taxable.
To find out if your benefits will be taxed, take HALF of your SS and add it to all your other income (from work, interest, dividends, etc).
For 2025:
Fifty percent of a taxpayer’s benefits may be taxable if they are:
Filing single, head of household or qualifying widow or widower with $25,000 to $34,000 income.
Married filing separately and lived apart from their spouse for all of 2020 with $25,000 to $34,000 income.
Married filing jointly with $32,000 to $44,000 income.
Up to 85% of a taxpayer’s benefits may be taxable if they are:
Filing single, head of household or qualifying widow or widower with more than $34,000 income.
Married filing jointly with more than $44,000 income.
Married filing separately and lived apart from their spouse for all of 2021 with more than $34,000 income.
Married filing separately and lived with their spouse at any time during 2021.
