Social security taxes
I plan on taking my ss benifit in August ,my wife is 62 retired with a pension but not taking her ss benifit, I am 65 I still work part time, my wife has taxes taken out of her pension and I have taxes withheld from my check should I have taxes withheld from my ss benifit since I will be now getting a 6000.00$ tax credit when I file next year our combined income is over the $44,000.00 limit
Terry Says
My advice: Just DONT take your SS before your full retirement age — nearly 67. Surely you can wait another two years. Depending on your income, your benefit will be reduced based on your income (Withholding rate: $1 for every $2 you earn above $24,480 in 2026 — and that’s on your joint income if you file ajoint return!)
Also, your benefits will permanently be reduced by 8% a year for every year you claim before full retirement age.
Keep working, earn more, dip into savings – but PLEASE WAIT TO CLAIM YOUR SS until your Full Retirement Age!
