In May I will be 66 and will have reached full retiremnt age. I have been informed that I will recieve approx $2158 monthly if I choose to start collecting. How much tax will I pay on this ?

I do plan to continue working where I earn approx $65,000 yearly.

Thank you

Jacko

Hi Jacko,

I'm sorry, but I'm not an expert on taxes. It sounds like you would probably have to pay federal taxes on up to 85% of your Social Security benefits, but tax brackets vary so I can't tell you how much tax you'd actually have to pay. The Social Security website has some information regarding taxation of benefits: https://www.ssa.gov/planners/taxes.html.

Before filing for benefits, you may want to strongly consider using the maximization software available on this website to determine your optimal filing strategy.

Best, Jerry