Social Security
Hi,
In September i will received my first SS payment. I will 70 on 9/3 and will continue to work. I would like to know if I have to continue to pay SS and Medicare through payroll or can I stop. I will continue to pay Fed and State taxes.
Terry Says
Yes, as long as you’re working they will continue to take FICA (Federal Insurance Contributions Act!) out of your paycheck. But if you are earning more now than you did 35 years ago, then your most recent earnings could boost your monthly check.
Here’s how Social Security describes the impact of your current earnings:
That calculation is based on the average monthly income from the 35 best-paid years of your working life (as indexed for historical U.S. wage trends, a process akin to adjusting for inflation). If your recent earnings make the top 35, it will increase the monthly average and your benefit payment.
