Solved: Re: In 2019, I am turning 62 years old and planning on retiring from work and applying for early Social Security benefits. What are my tax consequences?

fasteddie577 · Jun 4, 2019 1:10:00 PM

Is my work retirement income and bank CD Interest going to affect my social security benefits? If so, what tax rate will I fall under? Does the tax rate fall under the IRS tax tables or is it calculated differently? Also, it's my understanding from my Google research that my SS benefits could decrease if I decided to go back to work, but that the reduced social security benefits would be paid back to me when i reached full retirement age. Comments are appreciated.

In 2019, I am turning 62 years old and planning on retiring from work and applying for early Social Security benefits. What are my tax consequences?

Specialists who have worked in "secured work" for a adequate number of a long time are qualified for retirement benefits when they resign at age 62. This, as a rule, implies you must have worked an add up to of at slightest ten a long time of work at a nongovernmental job. You may select to start accepting retirement benefits at any time after you reach age 62. In any case, there are motivations to hold up until your "full retirement age," which is between 65 and 67, depending on the year of your birth. The sum of your benefits will be forever decreased by a certain rate on the off chance that you start claiming them sometime recently you reach full retirement age. As an encouraging motivating force to keep working, the sum of your benefits will be somewhat, but for all time, expanded for each year you hold up until age 70 to put in your claim. Be that as it may, it doesn't continuously make sense to delay collecting your benefits (for more data, see In case I delay my retirement, will I get more cash from Social Security?). Moreover, no matter how long you hold up.