Q&A: How Does Work Affect My Social Security Survivor Benefits? Q: If you collect widow survivor benefits at age 60 are you restricted as to how much you can earn and still collect benefit monthly? A: Yes, the Social Security earnings limit applies to survivor benefits just like it does for retirement benefits. Site Sponsor: […]
High Earners to Pay More into Social Security in 2017
Social Security provides retirement and disability benefits to millions of Americans. The money that pays for these benefits comes from your paycheck. When you get paid, you have taxes withheld for Social Security and Medicare taxes in addition to federal and state income taxes. The amount that is withheld for Social Security taxes is 6.2% […]
That Part Time Job You Got Could Make Your Social Security Taxable
With low interest rates, rising medical costs, and a slow economy, more and more retirees are going back to work, at least part time. According to the Bureau of Labor Statistics, workers age 55 and older are working 42 percent more part-time hours than they were 10 years ago. Unfortunately, if you are collecting Social […]
Fiscal Cliff Averted, For Now Anyway…
In true Congress style, a deal was passed at the last minute to keep the US from going over the fiscal cliff. On Tuesday night the House passed a bill that will extend the Bush tax cuts for most of Americans, extend unemployment benefits, and delay spending cuts. Unfortunately, the bill left a lot of […]
How to Report SSDI Lump Sum Payments
In Is Social Security Disability Taxable I discussed when someone who receives disability benefits might owe taxes on those benefits. Whether your disability is taxable or not depends on what other income you have. To recap… If you are single and your modified adjusted gross income plus half of your Social Security benefits is less […]