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02-28-2010, 01:22 PM
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#15
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Senior Member
Monaco Owners Club
Join Date: Nov 2008
Location: Melbourne & Marathon, Florida
Posts: 1,537
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The Formula is
Your adjusted gross income
+ Nontaxable interest
+ ½ 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!
__________________
2005 Safari Cheetah 38PDQ - 2009 Ford Flex
Me (Gatogonow), The Boss (DW), Honey Bunny, Maggie May and Mollie Kay (The Gatos)!
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02-28-2010, 01:53 PM
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#16
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Senior Member
Alpine Owners Club
Join Date: Sep 2005
Location: Traveling in North America
Posts: 2,248
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Quote:
Originally Posted by GaryKD
Hi RichR,
I have no W2 income. My SS is taxed as ordinary income. Can you provide additional details about your post?
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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
__________________
Barbara & David O'Keeffe
Figment II (Alpine 2002 36 MDDS)
On The Road since 2006
Blog
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02-28-2010, 02:03 PM
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#17
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Member
Join Date: Apr 2009
Posts: 62
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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 & Teresa
Capt. (Ret) USAF/MiANG
2013 Itasca Navion; Toad: Jeep Liberty
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02-28-2010, 02:06 PM
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#18
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Senior Member
Newmar Owners Club
Join Date: Jul 2006
Location: Wellington, Florida
Posts: 13,599
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Hi Barb,
You are correct on the investment income. For me, I let Turbo Tax figure this out.
__________________
Gary
2005 Newmar KSDP 3910 + GMC ENVOY XUV 37K lbs Moving Down The Road
The Avatar Is Many Times Around The USA
Nobody Knows Your Coach Like Somebody Who Owns One Just Like Yours
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02-28-2010, 02:36 PM
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#19
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Senior Member
Join Date: May 2007
Location: Rio Rancho, NM
Posts: 1,068
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Quote:
Originally Posted by JayLodge
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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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.
__________________
[/SIGPIC]Phil & Carol & Sir Puck, Grey Lady and The Cat
2016 Ram 2500, CTD 4X4, CC
2022 Rockwood 8263 MBR
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03-01-2010, 06:01 PM
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#20
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Senior Member
Join Date: Aug 2001
Location: North America somewhere
Posts: 30,874
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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.
__________________
2000 Winnebago Ultimate Freedom USQ40JD , ISC 8.3 Cummins 350, Spartan MM Chassis. USA IN 1SG 11B5MX,Infantry retired;Good Sam Life member,FMCA. " My fellow Americans, ask not what your country can do for you, ask what you can do for your country. John F. Kennedy
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03-02-2010, 08:05 AM
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#21
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Registered User
Newmar Owners Club
Join Date: Jun 2009
Posts: 1,142
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Here
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03-04-2010, 04:52 PM
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#22
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Junior Member
Join Date: Mar 2010
Posts: 3
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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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03-04-2010, 05:29 PM
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#23
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Senior Member
Monaco Owners Club
Join Date: Oct 2009
Location: On the road
Posts: 2,123
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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!
__________________
Happy Trails,
06 Dynasty Countess III ISL//3060
07 Hummer H3
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03-05-2010, 10:07 AM
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#24
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Senior Member
Workhorse Chassis Owner
Join Date: Nov 2003
Location: Mesa, AZ USA
Posts: 1,806
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Quote:
Originally Posted by tomkaren13
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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For sure. I paid $2000+/month for the 3 years between my company insurance to medicare! That's $72000 out of savings!!
__________________
Wretched excess is just barely enough.
2002 Itasca Suncruiser - WH Chassis - 35U - 2006 Jeep Liberty
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03-20-2010, 04:23 PM
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#25
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Member
Monaco Owners Club Winnebago Owners Club Vintage RV Owners Club
Join Date: Mar 2005
Location: Here, There, Everywhere
Posts: 53
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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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