Getting Social Security and working

[Fernando]

Wait, don't take it at 62.

If Trump gets to eliminate Federal tax on SS, sounds like I can take at 62 and still work, right?

 

[Tim Hicks (Texas)]

If Trump gets to eliminate Federal tax on SS, sounds like I can take at 62 and still work, right?

Reading is fundamental. Read the rules. Hint, your full retirement age is important.

 

[BRCJR]

Reading is fundamental. Read the rules. Hint, your full retirement age is important.

I thought he had high powered Attorney's and CPA's on retainer..........

 

[Fernando]

I thought he had high powered Attorney's and CPA's on retainer..........

I should wait until Trump changes SS rules before talking to CPA or SS agency.

 

[Tim Hicks (Texas)]

I should wait until Trump changes SS rules before talking to CPA or SS agency.

You realize social security checks have taxes taken out of them and he wants to end that?

 

[Tim Hicks (Texas)]

‘Don’t Buy Into The Lies’: Karoline Leavitt Sets ‘Record Straight’ On Musk, DOGE And Social Security Waste – [your]NEWS

White House Press Secretary Karoline Leavitt set the “record straight” Monday evening on Fox News to say that President Donald Trump has directed the Department of Government Efficiency (DOGE) and Elon Musk to “identify fraud” within the Social Security Department.

yournews.com

Leavitt went on to describe DOGE’s and Musk’s main goal regarding the SSA’s potential waste, saying that the “legacy fake news” was attempting to “fear” people into believing the Trump administration had other motives.

“Number one, to identify duplicate payments and to end them. Number two, to identify payments that are going to deceased people who are no longer living and should no longer be receiving that money,” Leavitt said. “Number three, to protect the integrity of this system for hard working Americans who have been paying into it their entire lives. So, rest assured to all of the people watching your show tonight, if you paid into the system, honestly, you will continue to receive your Social Security tax checks.”

“Do not buy into the lies from the legacy fake news media who are trying to fear you and scare you into believing otherwise. This is what we’ve seen them do about President Trump for years with every promise that he has made. He’s going in there to protect your hard earned money. That is the ultimate goal,” Leavitt said.

 

[Fernando]

You realize social security checks have taxes taken out of them and he wants to end that?

I thought if you work and make more than the minimal to be taxed, the social security checks would be tax. Disincentive and hard to compete being double taxed.

 

[Tim Hicks (Texas)]

I thought if you work and make more than the minimal to be taxed, the social security checks would be tax. Disincentive and hard to compete being double taxed.

I believe your full retirement date for SS benefits should be 67 years of age. If you wait to retire until then, you will get your full benefits from SS and you can make money on your own. You can even wait until you are 70 and get a higher SS check. They have probably been sending you bulletins about this every April. I get one every April. If I wait until my retirement age (66 and ten months) I will get $3614 a month. If I wait until 70, I will get $4537 per month.

 

[Fernando]

How Social Security benefits are taxed​

When Social Security reform was passed by Congress in 1983, benefits became subject to taxes for the first time. Then in 1993, lawmakers added a second taxation tier.

Today, beneficiaries who have what is known as "combined income" below $25,000 if they file taxes individually — or $32,000 if they are married and file jointly — generally pay no taxes on their Social Security benefits, the Penn Wharton Budget Model notes.

Combined income is the sum of adjusted gross income, nontaxable interest and half of Social Security benefits.

Individual beneficiaries may pay taxes on up to 50% of their benefits on combined income between $25,000 and $34,000, or for married couples with between $32,000 and $44,000.

MSN

 

[sputnam]

If Trump gets to eliminate Federal tax on SS, sounds like I can take at 62 and still work, right?

You CAN take it at 62.... but, don't. Check with SS (there is a website) and look up when you are entitled to full benefits. The age you can get full benefits varies depending on when you were born. The longer you wait... the higher your monthly check will be. Once you take your retirement benefit, you can work as much as you want to. You will be liable for income taxes and as you continue to pay into the system, your monthly benefit will increase.