1,513,143
You can earn any amount and not be affected by the Social Security earnings test once you reach full retirement age, or FRA, which is age 66 and 2 months if you were born in 1955 and will gradually increase to age 67 for people born in 1960 and later.
Once you reach FRA, there is no cap on how much you can earn and still receive your full Social Security benefit. The earnings limits are adjusted annually for national wage trends. In 2021, you lose $1 in benefits for every $2 earned over $18,960.
But whatever you earn is still taxed!
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Kathleen Daniels, Prob...
San Jose, CA
-
David M. Dwares
Fort Lauderdale, FL
-
John Juarez
Fremont, CA
-
Doug Dawes
Topsfield, MA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Michael Jacobs
Pasadena, CA
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Pete Xavier
Pacific Palisades, CA
-
Olga Simoncelli
New Fairfield, CT
4,691,176
If the train leaves the station at 4PM going South at a certain MPH how soon will be the bar car be open?
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Kathleen Daniels, Prob...
San Jose, CA
-
John Juarez
Fremont, CA
-
Kat Palmiotti
Kalispell, MT
-
Doug Dawes
Topsfield, MA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Andrew Mooers | 207.53...
Houlton, ME
-
Olga Simoncelli
New Fairfield, CT
2,699,066
After 65? Since the first day you took a paying job, the combined extortion from local, state, and federal taxes are more than half the money you "make".
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Doug Dawes
Topsfield, MA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Michael Jacobs
Pasadena, CA
-
Lyn Sims
Schaumburg, IL
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Will Hamm
Aurora, CO
-
John Juarez
Fremont, CA
-
Kathleen Daniels, Prob...
San Jose, CA
195,689
Perhaps this question is better suited for a CPA forum rather than a real estate forum.
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Kat Palmiotti
Kalispell, MT
-
Doug Dawes
Topsfield, MA
-
Pete Xavier
Pacific Palisades, CA
-
Michael Jacobs
Pasadena, CA
-
Lyn Sims
Schaumburg, IL
-
John Juarez
Fremont, CA
-
Karen Climer
Orlando, FL
1,413,000
You may be confused. If you elect to enroll in Social Security early, you can only earn a certain (relatively low) amount before you run into an additional hefty tax on your Social Security earnings.
Personally, with Federal income tax, State income tax and the need to pay other income based tax, I only get to keep about 50% of my income, anyway.
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Doug Dawes
Topsfield, MA
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Pete Xavier
Pacific Palisades, CA
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
-
Lyn Sims
Schaumburg, IL
-
Will Hamm
Aurora, CO
3,406,815
If you read that on the Internet Will. IT MUST BE TRUE!
Combined taxes, income, sales, gas, etc. are likely more than 50% but I have not separated taxes out to calculate the actual percentage. I know where I stand on my tax returns.
For what we are paying ... we are being robbed in terms of the return on investment. Nuff Said. I will step down from my soap box.
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Doug Dawes
Topsfield, MA
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Anna "Banana" Kruchten
Phoenix, AZ
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Michael Jacobs
Pasadena, CA
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Will Hamm
Aurora, CO
-
John Juarez
Fremont, CA
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Kathleen Daniels, Prob...
San Jose, CA
5,773,924
Will,
I am not sure you are correct on this. However, since I am not a CPA or a registered agent, if I were you I would check with your experts. A
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Kathleen Daniels, Prob...
San Jose, CA
-
John Juarez
Fremont, CA
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Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Karen Climer
Orlando, FL
1,530,014
Half? That would mean they take less? LOL
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Kathleen Daniels, Prob...
San Jose, CA
-
John Juarez
Fremont, CA
-
Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Candice A. Donofrio
Fort Mohave, AZ
448,698
I think an attorney or CPA, that is familiar with your personal situation, would be a better source to ask.
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
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Doug Dawes
Topsfield, MA
-
Karen Climer
Orlando, FL
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Michael Jacobs
Pasadena, CA
509,499
I have no idea, Will. I'm parked and reading.
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
-
Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
917,103
I think you are referring to some IRS withholding regulations related to earnings after you start receiving your Social Security benefits. It's not that straightforward and 65 is not the magic number here.
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John Juarez
Fremont, CA
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Pete Xavier
Pacific Palisades, CA
5,420,931
We are the government and we take what we can get away with plus a little extra. Taxes go on even after death! They are here to help! And now we have Joey Crow for our bucks!
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Kathleen Daniels, Prob...
San Jose, CA
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Michael Jacobs
Pasadena, CA
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John Juarez
Fremont, CA
6,618,651
Back in the 80's they told us that our generation would need to rely on other means for retirement, and I expect that when and if I do ever retire I will need another source of funds, or a choice place under a bridge.
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Kathleen Daniels, Prob...
San Jose, CA
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Michael Jacobs
Pasadena, CA
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John Juarez
Fremont, CA
1,242,905
I don't think so but then again there I go thinkin' again
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
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Michael Jacobs
Pasadena, CA
231,998
Since a couple of Realtors mentioned it would be better to ask somewhere else regarding your question, I tend to disagree! Ask away Will Hamm , we all need to know the answer. Frankly, I have no idea but it wouldn't surprise me :(
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John Juarez
Fremont, CA
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
3,208,060
not true for my parents at all. I have no idea I'm not 65 yet.
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John Juarez
Fremont, CA
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
1,865,842
You don't cite your sources.
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John Juarez
Fremont, CA
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
921,504
I do know there are many retirees on SS here in my piece of paradise who not only keep close tabs on their earning but those who hire them do also. The context was about earning limits and exceeding them would result in very costly consequunces.
However, as has beem mentioned and more real today than everbefore with nearly 10 TRILLION in new spending the ways to rob the taxpayer will become mind boggeling.
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
135,824
I have found I pay less taxes as I'm older where I live in Georgia
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Michael Jacobs
Pasadena, CA