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I just retired, if I go back to work can I take some of my…

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I just retired, if...
I just retired, if I go back to work can I take some of my income and defer it to avoide losing my social security
Submitted: 2 years ago.Category: Tax
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Answered in 6 minutes by:
2/12/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,861
Experience: Taxes, Immigration, Labor Relations
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I assuming that you start social security benefits before your full retirement age - correct?
You may defer tax liability on your wages by making contributions into qualified retirement plans.

But that woudl not make any effect on your earnings for social security purposes - that deferral still will be subject to social security tax and will be reported to the SSA.

If you are under full retirement age for the entire year, the SSA will deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2016 that limit is $15,720.

If you earning is substantial - you might want to suspend your social security benefits.

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Customer reply replied 2 years ago
If I understand, there is no way to not lose 1 dollar for every 2 earned over 15.700
Tax Professional: Lev, Tax Advisor replied 2 years ago

That will not be actual "lost" - as any reduction will be accounted toward future benefits - and reduction because of starting benefits before the FRA will be less.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

However - if you want to receive wages AND social security benefits at the same tile - that will be subject to limitation.

Another issue - that limit is larger in the year you will reach your FRA.

.

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