Social Security payments
My wife will be 66 this June and wants to take her SS payments . I am still working earn about $85,000 a year .we file jointly on tax returns will we have to pay taxes on this money (1900 a month) if so how much
Terry Says
She definitely SHOULD NOT take SS until her full retirement age. Here’s a chart of what that looks like from the SS website: https://www.ssa.gov/benefits/retirement/planner/ageincrease.html. She should not take benefits even one month before her full retirement age.
And yes, once she starts receiving benefits a portion will be taxable. The percentage of benefits taxed and the rate depends on your joint income. Use this calculator:
https://taxcalchub.com/guides/retirement/taxable-social-security-benefits-2026/
Bottom line: She will receive an additional 8% in her benefit check for every year she delays until age 70 –the highest benefit she can earn. If you can use other money to live on for thenext five years, she should definitely wait until age 70 to claim.
If you want the specific impact in dollars and sense, go here:
https://www.maximizemysocialsecurity.com/
For $49, they will calculate your best combined claiming strategy — using the actual records of your spouse’s earnings, and yours.
