Hi LEH54,
Congratulations on your upcoming retirement and great to plan !
Keep in mind that the more other income you have, the more of your social security benefits will be taxable; up to 85% of your social security benefits could be taxable income. If you are working in 2024, and have wages and other income, then more of your social security benefits would be taxable income, whereas if you waited until 2025 and had less other income in 2025, then less of your social security benefits would be taxable.
Less taxable portion of social security benefits, results in less tax.
Here is a great article to help you determine how much of your social security benefits would be taxable in 2024 , the year you are working; https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/social-security-inco....
I hope you find this information helpful!
Connie
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