Working While Collecting Social Security? Here's What You Need to Know to Minimize Taxes.
Key takeaways
- Whether you claimed Social Security at age 62 or waited until 70, it s possible you ve decided to continue working.
- Keep track of your earned income and check your numbers at least quarterly.
- Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need.
Whether you claimed Social Security at age 62 or waited until 70, it s possible you ve decided to continue working. If that s the case, it s important to understand how employment income impacts your tax liability, and more importantly, how to minimize the taxes you re on the hook to pay. Here are three ways to potentially minimize the amount you owe.
Keep track of your earned income and check your numbers at least quarterly. If the total of your Social Security benefits added to your earned income will push you into a higher tax bracket, look for ways to cut back on earned income for the year. For example, you may negotiate your work schedule to stay below the tax bracket threshold or defer bonuses to the following year.
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