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Old 02-28-2010, 02:22 PM   #15
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The Formula is
Your adjusted gross income
+ Nontaxable interest
+ of your Social Security benefits
= Your "combined income"

Your Union Pension is counted as part of your Combined Income. So in the example, if your Union Pension was $24,000/year, 50% of your SS Income was $12,000/year and you worked part time and earned an additional income of $15,000/year, part of your SS would be taxable. It all depends on what your total adjusted gross income and SS income are.

If you retire before full retirement 66 for most people now, you are are allowed to make about $14,000/year before you have to give back part of your SS. After full retirement age, you can make as much as you want and not have to give any back, just if you make enough, you may have to pay taxes on part of it.

The regulations are straight forward yet somewhat complicated, kind of like Democracy!
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Old 02-28-2010, 02:53 PM   #16
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Hi RichR,

I have no W2 income. My SS is taxed as ordinary income. Can you provide additional details about your post?
Obviously you have some investment income - there is a complicated calculation that you go through to determine how much of the SS is taxed, it is based upon the total income, not just earned income, that you receive during the year. You can get the form from the IRS web site to figure out how much of your SS will be taxed.

Barb
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Old 02-28-2010, 03:03 PM   #17
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I started drawing at 62. Here's some thoughts.
1) You can claim exemptions and they will take out "voluntary" amount. I think that dates from when you weren't in the income level to actually pay taxes if you were living on soc. sec. Ha !
2) Working: last month, at 65, I decided to get a part time job, thinking I was past the point were you have to give back soc. security. The RULES have changed. Doesn't say 65 any more, it says "max retirement age". My max is 66, so for every $2.00 I make above $14,500 (not sure if its 500 or 800?), I'll get "shorted" a dollar on my soc. security until I turn 66.
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Old 02-28-2010, 03:06 PM   #18
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Hi Barb,
You are correct on the investment income. For me, I let Turbo Tax figure this out.
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Old 02-28-2010, 03:36 PM   #19
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I started drawing at 62. Here's some thoughts.
1) You can claim exemptions and they will take out "voluntary" amount. I think that dates from when you weren't in the income level to actually pay taxes if you were living on soc. sec. Ha !
2) Working: last month, at 65, I decided to get a part time job, thinking I was past the point were you have to give back soc. security. The RULES have changed. Doesn't say 65 any more, it says "max retirement age". My max is 66, so for every $2.00 I make above $14,500 (not sure if its 500 or 800?), I'll get "shorted" a dollar on my soc. security until I turn 66.
Jay,
I am approaching the 62 marker soon. I plan to part time work up to the max. I noted you indicated $1.00 for every $2.00 over $14,500. What if an employer decided they needed me at say $60K. Does SS automatically stop? I need to get down to the SS Office but I was not aware of the above rule.
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Old 03-01-2010, 07:01 PM   #20
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Phil, the answers to all your questions may be found on the SS website, retirement planner-FAQ page. Just keep drilling down until you get there.
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Old 03-02-2010, 09:05 AM   #21
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Here
Attached Files
File Type: pdf Social Security taxn703.pdf (154.7 KB, 14 views)
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Old 03-04-2010, 05:52 PM   #22
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If you decide to take SS at 62 make sure you can also carry health Insurance as you will not be eligable for Medicare for quite awhile
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Old 03-04-2010, 06:29 PM   #23
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How Work Affects Your Benefits

If you plan to work part time the first year you retire it is even more restrictive, check the link above.

Your "reward" for being frugal and planning ahead...arrrgh!
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Old 03-05-2010, 11:07 AM   #24
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If you decide to take SS at 62 make sure you can also carry health Insurance as you will not be eligable for Medicare for quite awhile
For sure. I paid $2000+/month for the 3 years between my company insurance to medicare! That's $72000 out of savings!!

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Old 03-20-2010, 05:23 PM   #25
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I took a chance and didn't have insurance for a while after I retired and before my MediCare kicked in. My COBRA was so expensive, I couldn't pay it, so I gambled. I did without insurance for 7 months. It was scary, but it worked for me. I'm so lucky that I am very healthy and didn't need any medical care.
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