JEREMY KEIL FULL

If your combined income is more than $44,000, up to 85% of your benefits may be taxable. For joint filers, if you and your spouse have a combined income that is between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits. If you earn more than $34,000, up to 85% of your benefits may be taxable. If youвЂ™re a single filer and earn between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits. вЂњIt does not take a lot of income for your benefits to be taxed,вЂќ Kahn said. The exact amount youвЂ™ll need to pay depends on your total income. Many Americans pay taxes on their Social Security benefits. You May Have To Pay Taxes on Social Security Benefits вЂњIf a person makes this determination within 12 months of filing their initial application, they can stop receiving benefits and move forward as if they never claimed them,вЂќ Khan said.Д«ut you would have to pay back any benefits you received during that time. Or maybe you didnвЂ™t realize how much more money you could receive by waiting a couple more years. вЂњThere are a host of reasons why someone may regret the decision to begin taking Social Security,вЂќ said Jordan Kahn, a CFA and chief investment officer for HCR Wealth Advisors.ДЇor example, you could decide to take on a part-time job and no longer need the extra income.

If you decided to claim your benefits and then realized you should have waited, the Social Security Administration allows you to withdraw your application for a one-time do-over. You Can Undo a Social Security Benefits Claim Decision

JEREMY KEIL FULL

вЂњYou wonвЂ™t receive it while you are below full retirement age but, as soon as you hit that age, Social Security will recalculate and give you credit for those dollars,вЂќ Kell explained. The cap is $19,5, and you would lose $1 in benefits for every $2 in earnings above the max.Д«ut you donвЂ™t really lose the benefit. If you claim your benefits before reaching full retirement age, are still working and make more than the yearly earnings limit, you may have some of your Social Security benefits withheld. вЂњItвЂ™s the one that will stay around longest and be there to help the widow(er).вЂќ Some of Your Benefits May Be Withheld вЂњThat is why couples should focus on increasing the higher benefit,вЂќ said Jeremy Keil, a retirement-focused financial planner with Keil Financial Partners and host of the Retirement Revealed blog and podcast. It doesnвЂ™t matter who dies first - the surviving spouse will begin receiving the larger of the two benefits. If both spouses in a marriage are receiving Social Security benefits, the smaller benefit goes away when one person dies. You Get To Keep the Bigger Benefit If Your Spouse Dies You can also claim 100% of the survivors benefit if your ex-partner has died, Baldwin noted.

To qualify, your marriage must have lasted more than 10 years, you must be at least 62 and you canвЂ™t be remarried. You Can Claim Your ExвЂ™s BenefitsД®ven if youвЂ™re no longer married, Baldwin said you may be able to claim spousal benefits. вЂњYour needs come first,вЂќ said Stephan Baldwin, founder of Assisted Living Center.ДЇor example, he said, if your spouse died, filing for survivor benefits instead of waiting for full benefits may make more sense. Holding off until age 70 means youвЂ™ll get 132% of your full benefit.Д«ut waiting as long as possible to claim your benefits isnвЂ™t always the best move. Waiting until your full retirement age means youвЂ™re entitled to your full benefit. You can claim it as early as age 62, for a reduced benefit. The longer you wait to take Social Security, the more money youвЂ™ll receive. Learn More Your Personal Situation Matters More Than Your Age

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