Newly retired and getting SS - how accurate was SS Statements 5 - 10 yrs ago?

[HadEnuff]

mine were very close, but as the projections assumed, I continued to work until age 62, at pretty much the same income (slight income increases w/ inflation essentially)

 

[braumeister]

By coincidence, I got a letter from SocSec today, due to an update I had given them last week. They included my expected benefit (starting later this year), and it matched to the penny my own estimate calculated a few months ago with the downloaded AnyPIA program. So that definitely seems to be the best calculator.

 

[Terryjm51]

I need to educate myself on ss. However my sil asked a question, can you take ss continue to work and get the full amount if your over 65.
Is it taxed at 85% or the full amount.



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[pb4uski]

Yes, you can collect SS benefits and continue to work. If you are FRA your benefits are not reduced. The amount of SS that is taxable depends on your other income and filing status.

https://www.ssa.gov/planners/taxes.html

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:

• file a federal tax return as an "individual" and your combined income* is
  • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
  • more than $34,000, up to 85 percent of your benefits may be taxable.

• file a joint return, and you and your spouse have a combined income* that is
  • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
  • more than $44,000, up to 85 percent of your benefits may be taxable.

 

[Chuckanut]

Yes, you can collect SS benefits and continue to work. If you are FRA your benefits are not reduced. The amount of SS that is taxable depends on your other income and filing status.

https://www.ssa.gov/planners/taxes.html

Those amounts seem very familiar. I believe they have not been adjusted for inflation for many years. Or am I wrong? Thus, it amounts to a tax increase on SS recipients in terms of real dollars.

So, where is the omnipotent old-folks lobby that I hear so much about?

 

[scrabbler1]

Those amounts seem very familiar. I believe they have not been adjusted for inflation for many years. Or am I wrong? Thus, it amounts to a tax increase on SS recipients in terms of real dollars.

So, where is the omnipotent old-folks lobby that I hear so much about?

They have not been adjusted for inflation.

 

[pb4uski]

Those amounts seem very familiar. I believe they have not been adjusted for inflation for many years. Or am I wrong? Thus, it amounts to a tax increase on SS recipients in terms of real dollars.

So, where is the omnipotent old-folks lobby that I hear so much about?

True, but only for people near the breakpoints. For most people on these boards and that I know, 85% is taxable.