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At 61 if I claim SS, I will have no other income except my…

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At 61 if I...

At 61 if I claim SS, I will have no other income except my retirement benefits which I claimed in 2006. Do retirement benefits count as income? How much income can you make if you retire at 61 instead of 65?

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?

I retired from the County in 2006. I am taxed and receive a 1099 each year

Submitted: 10 months ago.Category: Social Security
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9/25/2017
Social Security Expert: SSA.Help4u.168, Accountant replied 10 months ago
SSA.Help4u.168
SSA.Help4u.168, Accountant
Category: Social Security
Satisfied Customers: 4,795
Experience: Tax Accountant
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

1) The minimum age to receive social security is age 62. SEE BELOW:

--------------------

Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62.

If you start receiving retirement benefits at

  • age 62, you will get 75% of the monthly benefit because you will be getting benefits for an additional 48 months.
  • age 65, you will get 93.3% of the monthly benefit because you will be getting benefits for an additional 12 months.

REFERENCE SOURCE:

https://www.ssa.gov/planners/retire/1943.html

2) If a person's income is less than the threshold amount, social security retirement does count as income, therefore not being taxable. The threshold amounts are as follows;

Single filers, $25,000

Joint filers, $32,000

SEE BELOW for additional information.

----------------------------

Filing Status and Tax Rates

If you're filing as a single taxpayer, and your combined income is between $25,000 and $34,000, then you add 50 percent of your Social Security benefits to your adjusted gross income. If your combined income is higher than $34,000, then you add 85 percent of your Social Security benefits to adjusted gross income. You don't add any Social Security benefits to adjusted gross income if combined income is less than $25,000.

Joint Returns

If your filing status is "married, joint," then you add together combined income from both spouses, including Social Security income that both receive. If the result is between $32,000 and $44,000, then you add 50 percent of your Social Security benefits for both spouses to adjusted gross income on the return. If the combined income rises above $44,000, then you add 85 percent to adjusted gross income. A combined income of less $32,000 exempts you from adding any Social Security benefits to adjusted gross income.

Married, Filing Separately

If your filing status is "married, separate," but you lived with your spouse at any time during the tax year, then the IRS requires that you pay tax on 85 percent of the Social Security benefits you received. If you did not live with your spouse at any time during the year, then the tax rates on your Social Security match those of someone who filed as a single.

3) As you are not eligible to collect social security retirement benefits at this time, I guess this inquiry is irrelevant.

If I have clarified matters for you, I ask that you be so kind as to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is most appreciated. Thank you in advance.

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SSA.Help4u.168, Accountant
Category: Social Security
Satisfied Customers: 4,795
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