Ask Experts Questions for FREE Help !
    jayarby's Avatar
    jayarby Posts: 2, Reputation: 1
    New Member

    Feb 17, 2018, 09:33 AM
    Social security
    I'm 66 and just started to collect SS. My benefit is around 2200.00/mth. I still work full time grossing $40,000/yr, and part time earning $6500/yr. my wife earns $38,000/yr. Since we're going to be taxed on 85% of my SS benefit, am I getting any tax benefit to continue working full time or is it a disadvantage? Thanks.
    ma0641's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
    Uber Member

    Feb 18, 2018, 12:02 PM
    You need to determine your tax bracket first. Then figure your AGI with and without working. 85% doesn't mean you lose 85%, it means 85% is taxed. You are still grossing $84,000 + SS.. That's a lot to give up for just SS income. However, I've been retired since 2005, at 64. Now almost 77, I'm glad I retired. With SS ($$ close to yours), pension and required minimum distribution from IRA's, I make almost as much as I did when I was working 13 years ago. Not too bad for getting up later, going out for breakfast or coffee, no rush hour, do what you want, volunteer, nap, well, you get the point! All depends on what YOU want from retirement.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Can my social security disability payments from Social Security can be garnished [ 5 Answers ]

I am on Social Security Disability. I was just served a small claims request and I wonder if they can garnish my social security benefits?

Social Security disability,unemployment and social security [ 2 Answers ]

I got approved for ssdi but got disapproved for ssi because my unemployment can I later get ssi after my unemployment is finished?:(

Supplemental security income and social security disability income? [ 2 Answers ]

If you are approved for supplemental security income and social security disability will you get full benefits from both or will it get cut in half and if your children receive ssi will their benefit be effected?

View more questions Search