do i have top pay social security and medicare tax if I retire early?

[lmhagre]

I am retiring at 59 1/2 and need to know what taxes I should be planning to pay.

[VolvoGirl]

No.  You only pay SS & Medicare tax on W2 wages or a net profit on self employment.  Although if you receive Social Security benefits it may be taxable.  Also if you have a lot of investment income there may be a NIT tax.  The net investment income tax (NIIT) is a 3.8% tax on investment income such as capital gains, dividends, and rental property income. This tax only applies to high-income taxpayers, such as single filers who make more than $200,000 and married couples who make more than $250,000, as well as certain estates and trusts. The NIIT is on Schedule 2 line 12 and goes to 1040 line 23 Other Taxes.

No matter what age.......Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

And if you start getting SS before the full retirement age,  they will reduce your payments if you make too much other income in the prior year. See SS FAQ for working after retirement
https://www.ssa.gov/benefits/retirement/planner/whileworking.html

[fanfare]

medicare tax is based on wages.

medicare premium is paid forever but hidden as a subtrction out of your SS benefit.

[xmasbaby0]

If you "retire" but continue to work in any way, you will still pay tax for Social Security and Medicare, whether you work at a W-2 job or work as an independent contractor.   If you have a W-2 job. both SS and Medicare will still be withheld from your paychecks.   If you work as an independent contractor you will pay self employment tax for SS and Medicare.    

[Opus 17]

There are several ways to interpret your question.

• You pay SS and medicaid taxes on "compensation" from working, that's W-2 wages and self-employment.  You pay these taxes on your compensation from working no matter how old you are, and no matter if you declare retirement or collect your SS benefit.  If you are 90 years old working as a Walmart greeter, you still pay SS and medicaid tax on your wages.

• If you declare retirement and start taking your SS benefit before your "full retirement age" but continue to work (including full time, part time, side gig, etc.) then your employment can reduce your SS benefit,  until you reach full retirement age.  

• If you retire and social security is your only income, your SS benefit not taxable. However, if you have other income (from work, pension, 401k, IRA, gambling, etc.) then your benefit can be taxable as well.  Your benefit is taxable based on your other income and is not affected by your age.