Social Security Info Help Please

[StanV]

Hi folks. So when I start collecting Social Security payments, how much more can I make from a part time job or existing retirement account? Say my monthly amount from Soc Sec is $2235.00. Can I take another $2050.00 or so from my retirement account to along with the soc sec payments? Or will that cause me problems and have to pay some back in? I want to stretch the funds in my retirement account and use the social security payments before something happens and the government takes more of them or something. If you know if my plans will work okay, please do let me know. I do not need any investment advice. Just looking for a plain basic helpful answer please. Thanks much folks.

 

[RunningBum]

https://www.ssa.gov/planners/retire/whileworking.html answers your questions about the part-time job. It depends on just how old you are what your limit is on wages before you start reducing your SS benefits. Could start at $17,640.

No limit on taking from your retirement account. You may want to look how much the SS tax hump or tax torpedo will affect your taxes as more other income causes more SS to be taxed.

 

[StanV]

https://www.ssa.gov/planners/retire/whileworking.html answers your questions about the part-time job. It depends on just how old you are what your limit is on wages before you start reducing your SS benefits. Could start at $17,640.

No limit on taking from your retirement account. You may want to look how much the SS tax hump or tax torpedo will affect your taxes as more other income causes more SS to be taxed.

Thanks for the info Running Burn. I understood that Soc Sec payments are not taxable at all. So I need to understand the Tax Torpedo thing. I will be 66 when I start taking Soc Sec payments.

 

[RunningBum]

I understood that Soc Sec payments are not taxable at all. So I need to understand the Tax Torpedo thing.

https://www.ssa.gov/planners/taxes.html explains the taxes. The easiest way to see the effect is to run difference scenarios with your tax program or something like tax caster.

 

[StanV]

https://www.ssa.gov/planners/taxes.html explains the taxes. The easiest way to see the effect is to run difference scenarios with your tax program or something like tax caster.

Thanks much!!!

 

[joeea]

Hi folks. So when I start collecting Social Security payments, how much more can I make from a part time job or existing retirement account?

Once you are at or older than your FRA, your income won't affect your social security benefits at all. You can earn as much as you choose.