Social Security

[daspyknows]

Closed my business and retired at 59. As long as tax laws are the same I will apply in 2024. As long as investment income doesn't impact the payments I want it sooner rather than later.

 

[thirdeye]

Closed my business and retired at 59. As long as tax laws are the same I will apply in 2024. As long as investment income doesn't impact the payments I want it sooner rather than later.

The taxes paid on SS are based on income ranges with several steps. At some point a higher income can raise Medicare payments too.

Request to withhold taxes

Submit a request to pay taxes on your Social Security benefit throughout the year instead of paying a big bill at tax time.

www.ssa.gov

 

[Smoking Allowed]

Won't be long and hopefully I'll join the SS group.

 

[daspyknows]

The taxes paid on SS are based on income ranges with several steps. At some point a higher income can raise Medicare payments too.

Request to withhold taxes

Submit a request to pay taxes on your Social Security benefit throughout the year instead of paying a big bill at tax time.

www.ssa.gov

Understand that. I hit the maximum for enough years to qualify the maximum amount of social security based on age I start receiving benefits. My concern is whether they change the tax laws so investment income phases out social security payments.

 

[thirdeye]

Understand that. I hit the maximum for enough years to qualify the maximum amount of social security based on age I start receiving benefits. My concern is whether they change the tax laws so investment income phases out social security payments.

I think there will be changes down the road that affect younger people, like raising the full retirement age for instance. I did see that the taxable maximum income went from $147,000 in 2022 to $160,000 for 2023, but I don't know if this will shore-up SS or just keep up with inflation.

 

[Gonna Smoke]

Good news! I received an email today saying I have been approved for benefits. Now I really feel old... And how fitting that today was my dad's birthday, he passed away about 7 years ago...

I think I'll celebrate tonight with a dose of Geritol and go to bed at 8...

 

[chopsaw]

Good news!

Congrats Charles . You earned it . Didn't make me feel old at all . It's a nice add to what ever retirement plan you have .
Enjoy bud .

 

[tbern]

Congrats and enjoy it!!

 

[gmc2003]

Good news! I received an email today saying I have been approved for benefits. Now I really feel old... And how fitting that today was my dad's birthday, he passed away about 7 years ago...

I think I'll celebrate tonight with a dose of Geritol and go to bed at 8...

You forgot to include your selfie Charles.

Congrats you've earned it.

Chris

 

[Gonna Smoke]

View attachment 654394
You forgot to include your selfie Charles.

Congrats you've earned it.

Chris

Where did you find that, Chris? I thought that I had deleted that selfie of me years ago...

 

[MJB05615]

Congrats Charles! I'm 4 months away from starting mine. Enjoy.

 

[BGKYSmoker]

Guess I was one of the lucky ones. In a grandfather loop from the DOD, Collecting my pension and SS at 50 (work accident) I have heard from some of my old buds that they did away with that, they are still working.

 

[Gonna Smoke]

Guess I was one of the lucky ones. In a grandfather loop from the DOD, Collecting my pension and SS at 50 (work accident) I have heard from some of my old buds that they did away with that, they are still working.

Hate that you got hurt at work, but I'm glad it all worked out for you...

 

[bill1]

If I take it, we'll spend it, so I'm not taking it until I retire.