working full time & collecting SS in full retirement yr- how much tax do you pay?
Love your insight on WGN and website Terry. I’m working full-time/took SS at 66.4 vs. 66.8 – personal reasons to payoff debt. Please explain what I will be taxed on this yr. (i did research this alot and now a few friends are telling me different). I know because it is within my FRA that the income for single is about $64k from Jan. – Aug. – correct? thanks
Terry Says
Why on earth did you not wait another four months to claim SS at your Full Retirement Age?
That is insane. It cost you 8% of your base check forever by claiming early!!
AND, yes, if you are still working your benefit is reduced $1 for every $1 you earn above $23,280 in 2025.
AND, if you earn a lot more, as much as 85% of your benefit would be subject to income taxes at your marginal tax bracket.
STOP. CONTACT SS IMMEDIATELY and REPAY the money you took. (You have one year to accomplish that.) Then tell them to stop sending money until you reach full retirement age.
And stop “listing to a few friends” and get correct info on making the most important decisions of your life!!
