mandatory medicare

[Caustic Burno]

I was told that you could earn up to the 46,000 or what ever it is upon full retirement age, and then after 70 you could earn all you want with no reduction in SS benefits. I could be mistaken. I will never make the 46,000 so it wasn't really my biggest concern. I was concerned if it was the 17,000 because I was still working enough to make over that. That is why I waited til Jan of 2019 to take it as that was the YEAR in which I reached my full SS retirement age. I guess that it wasn't anything for me to worry about making a "large income" for the cost of the medicare to be higher!!!!

Receiving Social Security Income While Working

If you plan to work in "retirement" and also collect Social Security benefits, some of your benefits may be temporarily withheld, based on your income. Until you reach full retirement age, your benefits will be reduced by $1 for every $2 you earn in excess of $18,240 (for 2020).

In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn above $48,600 (for 2020). Starting with the month you attain full retirement age, your benefits will no longer be reduced. Note that these dollars are not lost forever; instead, your Social Security benefit will be increased to account for them after you reach full retirement age.

Your income from Social Security can be partially taxable if your "combined income" exceeds a certain amount. Combined income is your gross income plus any nontaxable interest you earned during the year, plus one half of your Social Security benefits. For example, if you're married, file a joint tax return with your spouse, and your combined income is between $32,000 and $44,000, you may have to pay tax on up to 50% of your Social Security benefits. If your combined income is greater than $44,000, up to 85% of your benefits may be taxable.

It's definitely taxable! That's a bunch of :bs: as I have already paid tax on that money.

 

[farmerjan]

Thanks for the more detailed info. I have to agree that is is BS for it to be taxed AGAIN. Guess that it is good that I don't and didn't make much money.
I didn't realize that the "allowable amount" had gone up this year. I was talking in generalities when I posted the amounts in my posts, because I didn't have the exact amount in front of me. I just wanted people to realize that there was a BIG difference in "when" you take your retirement.... and that talking to someone who knows all the ins and outs is ESSENTIAL....