Q: Can I receive Social Security retirement payments (est. $2200/mo) while continuing to work?
Turned 66 this August, have not applied for Social Security or Medicare benefits yet. Will continue working, salary $131K/year. Resident of CA.
I understand that there will be a reduction in my first benefit payment based on a portion of the amount I earned in before turning 66 this month. I assume this deduction disappears for subsequent benefit payments.
If this is possible, it would let me remain in my home by allowing me to meet my increasing property taxes.
Thank you.
A: Eligible people may draw social security benefits. Depending on the level of income, up to 85% of social security income may be taxable. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA (California).
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