Ask Terry Questions Social Security tax withholding

Social Security tax withholding

By Terry Savage on July 07, 2024 | Financial Planning / Retirement

My wife started collecting SS a month ago (age 67). I’m waiting until age 70 (1 year to go). We noticed that there are no federal taxes with held. My question is should we have federal taxes with held so that we don’t to pay these taxes when we file our federal tax form? Does SS allow you to with hold federal taxes each month?

Terry Says

Yes, you can certainly have taxes withheld from your deposit.  She should have 20% withheld this year — and see where it works out next April. If you’re still working and earning a lot, she might even want to have a higher amount withheld, but you should be safe doing th4is for the first year —

Recent Financial Planning / Retirement Questions



a personal
finance question