Hi,
I am thinking of opening a taxable account at my broker with some money I have stashed away. If I have any gains in this account will it decrease my social security?
Note that once you reach full retirement age you can work as much as you like and it does not affect social security payments. (Actually takes effect the month you reach (in your case) 66.) Since your already 65 it would not be a long wait. BTW if you don't have 35 years of credit with SS and earn enough for SS credit your benefit would increase in future years.Thanks for all the replies. I'm already collecting Social Security. I'm 65, wife is still working, and I'm getting a little bored. I started entertaining the possibility I'm going back to work for a couple more years. I have been educating myself on how to invest wisely. I'm doing okay in that Arena, and I think I could probably do a lot better. I've only been trading in my IRA. But I have a lot of cash stashed away for a rainy day, and started thinking about opening a taxable investment account, hence the question I originally posted. Since the investment gains will not count against my social security, it appears that I'm better off spending my time in better decisions on my investments. I'm about at the maximum I can receive in Social Security, so I wouldn't gain much in my SS payments by going back to work. I just wanted to make sure that investment gains would not impact my SS. Thanks very much for all your answers!
I guess if I'm having such success at investing that I have to worry about increasing my AGI, I should be cheering, no?
The 20% top rate on dividends and long-term gains starts at a higher amount
for 2017: Singles with taxable income above $418,400, household heads over $444,550
and joint filers above $470,700. The 3.8% Medicare surtax boosts the rate to 23.8%.
LTCG goes to 20% at higher income level