Took early retirement last year - sm Posted: Mar 7th, 2016 - 10:29 am In Reply to: early retirement - sadmt
I have exactly this situation. They withhold two checks at the beginning of each year (January's and February's). In March 2016 I start getting SS again...but remember that they pay one month in arrears, so I won't see March's check until the end of April. I have taxes automatically withheld on each SS payment. This is in addition to withholdings on my full-time job (32 hours/week, not in MT), which I took in order to obtain insurance benefits).
The SS people and my accountant and I crunched all the numbers, and it just made sense to partially retire. It's a complicated formula, but they explain it well and are very organized.
You state, "You can get taxed on your SS benefits if you keep working..." So, if you aren't working, SS isn't taxed? I didn't know that. Makes sense, though.
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- early retirement - sadmt (Views: 1140, 2016-03-07, 9:27 am)
- sadmt - Old Pro (Views: 740, 2016-03-07, 10:25 am)
- Took early retirement last year - sm
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