Still, some of the income may be taxable. At least it used to be if your income was over a certain amount.
That's what I thought... but it apparently only applies if you retire early.
Quote:
How much can you earn and still get benefits? If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2013, we must deduct $1 from your benefits for each $2 you earned above $15,120.
Registered: 08/11/02
Posts: 2646
Loc: Southern Lake Superior
Perhaps I'm reading that wrong, but I think there's a distinction between being paid all your benefits by the Social Security system and paying our friends at the IRS on your income.
When they say, "...you may keep all your benefits,..." that may mean that, yes, you may keep them until the following spring when you are possibly taxed on them.
Again, maybe the laws have changed. In ancient times it used to be about $25,000 you could be paid in benefits before you started paying taxes on your Social Security.
_________________________ Stumpy "Seek for the merit in others, even the tiniest shred. Then do the same in yourself" -Reb Nachman
Pirate
Old And In The Way
Registered: 02/21/07
Posts: 3284
Loc: Missouri
I think any income is taxable, but if you are under the age of total retirement there are limits on what can be made and you have to repay SS, first year I was retired I had to pay back one dollar for every two I made, after 67 I did not have to pay back SS, and the income level was so low that I got a total refund on the income taxes
If you're getting SS but decide to go back to work FT and your not early SS, do they take SS out of your paycheck and add to your benefits?? Or do they take none and keep your SS benefits the same ?
Pirate
Old And In The Way
Registered: 02/21/07
Posts: 3284
Loc: Missouri
Think they take ss out, checked my pay stub and it is being deducted, payroll department said that ss benefits would be increased at some time but did not say when or how
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