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    jayarby's Avatar
    jayarby Posts: 2, Reputation: 1
    New Member
     
    #1

    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
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    #2

    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.

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