Community Chat

[Financialgrl]

I prepared taxes up until 5 years ago. Most seniors figured it another way. They visited SS to see what their monthly income would be, then figured out how much they needed to earn in a side or PT job to make up the difference to pay their bills. They'd have taxes taken out of the side job and at the end of the year they'd come in to see if they owed money but more times than not, many were no different than teens working in the summers - they only filed to get back a refund or they'd paid enough during the tax year and not owe or owe little.

And don't forget what JJ said above, if you take distributions from any retirement account such as IRA or 401k, you never paid taxes on that either so it also counts. When I saw people that took SS in their early 60s, many worked PT jobs while they were still young enough to do so and kept their retirement accounts intact until they were 70 1/2 until they had to begin taking their required minimum distributions. That way they still had and used money from their required minimum distribution to offset what they were earning in their PT job once they were older and stopped working.

[kittymomNC]

On 3/29/2014 KatieB said:

On 3/28/2014 Lynneuk said:

Why don't you collect unemployment for as long as you can until you reach full retirement age. That way your social security will be higher.

As far as taxes on SS, I think it depends which state you live in.Every one is different.

I am drawing unemployment now and thanks to our id*ot govenor, he reduced the benefit amounts and reduced the number of weeks you can collect...

KatieB, your description of our state's "head honcho" is so accurate!!!! And in addition to reducing unemployment, he refused Medicaid expansion which is hurting hundreds of thousands of people, some of whom also got their unemployment reduced, so he gave them a double whammy! He and his cohorts need to go!

[KatieB]

On 3/29/2014 kittymomNC said:

On 3/29/2014 KatieB said:

On 3/28/2014 Lynneuk said:

Why don't you collect unemployment for as long as you can until you reach full retirement age. That way your social security will be higher.

As far as taxes on SS, I think it depends which state you live in.Every one is different.

I am drawing unemployment now and thanks to our id*ot govenor, he reduced the benefit amounts and reduced the number of weeks you can collect...

KatieB, your description of our state's "head honcho" is so accurate!!!! And in addition to reducing unemployment, he refused Medicaid expansion which is hurting hundreds of thousands of people, some of whom also got their unemployment reduced, so he gave them a double whammy! He and his cohorts need to go!

Absolutely... And he did find enough money to renovate or at least make a lot of expensive improvements to the governors mansion.... I don't know how he justifies any of his decisions. They said on the news that the unemployment rate for NC is down, but that's probably because people are no longer qualified to draw unemployment (over 19 weeks).

KatieB

[chrystaltree]

I think you should ask Social Security or go to their website if you want the facts. The real facts.

[Kachina624]

On 3/28/2014 happy housewife said:

On 3/28/2014 Lynneuk said:

Why don't you collect unemployment for as long as you can until you reach full retirement age. That way your social security will be higher.

As far as taxes on SS, I think it depends which state you live in.Every one is different.

federal income tax is FEDERAL - it does not vary by state.

And STATE income tax is STATE and if your state has an income tax, you may have to pay it on your SS income.

[Rainbows and Roses]

I would try unemployment like someone suggested and I have not read all the posts.......it can make a big difference in the age you draw your ss....I hope you can wait until you are 65 to get the most.........usually if you make under 25,000 a year you don't have to file income tax but I am sure a tax adviser would answer this question for you. I am not 100% sure in what I have written but I think I am correct.

[kittymomNC]

On 3/29/2014 Rainbows and Roses said:

I would try unemployment like someone suggested and I have not read all the posts.......it can make a big difference in the age you draw your ss....I hope you can wait until you are 65 to get the most.........usually if you make under 25,000 a year you don't have to file income tax but I am sure a tax adviser would answer this question for you. I am not 100% sure in what I have written but I think I am correct.

Did you mean to say she might not have to PAY income tax if under $25,000? She would still have to FILE income taxes, even if her income and deductions meant that she didn't have to pay anything. I was randomly audited once a long time ago, and believe me, no one wants the IRS coming around!

[JamicaJammer]

Not to be too personal, but were you perhaps married for 10 yrs or longer to someone?

If so, perhaps you can claim SS on their record and work PT til you're 65.

[KatieB]

On 3/30/2014 JamicaJammer said:

Not to be too personal, but were you perhaps married for 10 yrs or longer to someone?

If so, perhaps you can claim SS on their record and work PT til you're 65.

Afraid not... That would be ideal.

KatieB

[jewelfool]

There is no tax withheld from my DH social security. However, it IS income and you have to pay at least federal taxes (we don't have state here) on it. After we did our taxes for 2013 he called immediately and started having them withhold tax from his check.