If I take social security but continue to work and pay into social security, will my benefits go up?
June 27th, 2007 | by security |
Wes W asked:
If I continue to work so the max of 85% is counted as income, do I continue to pay into social security?
GILBERT
If I continue to work so the max of 85% is counted as income, do I continue to pay into social security?
GILBERT
4 Responses to “If I take social security but continue to work and pay into social security, will my benefits go up?”
By Adrianna_LS on Jun 30, 2007 | Reply
Yes, you have to pay in Social Security no matter your age or the fact that you recieve social security
By Brian J on Jul 1, 2007 | Reply
You can work while you receive Social Security retirement (or survivors) benefits. When you do, it could mean a higher benefit for you in the future. Higher benefits can be important to you later in life and increase the future benefit amounts your family and your survivors could receive.
See the Social Security Administrations’s web site for details.
By kathykoul on Jul 4, 2007 | Reply
Yes if you continue working while collecting you will get additional increases above and beyond what they issue yearly. You will still be paying into SS from your paycheck as that is not optional. Assuming you have reached their “full retirement age” you can earn as much as you’d like working. If you have elected to start taking your SS before full retirement age you are limited as to how much you can earn while receiving benefits. Also, even while working and earning income, at tax time not all of your benefits may become taxable income. The max they can make taxable is 85% but you may not hit that max. If you use any commercially available software to prepare your taxes it includes the worksheet/calculations to determine how much of the benefits are taxable. If you use a preparer they can do the same thing for you.
By wartz on Jul 4, 2007 | Reply
The wages you earn after you start receiving benefits are subject to social security and medicare taxes and added to your lifetime total and will increase your basic benefit. The up to 85% of social security benefits that are subject to income tax is irrelevant to this computation.