Should I collect my Social Security at 62 versus waiting till 65-67? There is a penalty to file before your full retirement age.
When I start collecting Social Security will that put me in a higher tax bracket? It depends on your current tax bracket and the amount of your social security.
What can I do so I’m not surprised at the end of the year when I go to file my taxes? Calculate your estimated income with social security less your deductions to arrive at your adjusted gross income. Compute the tax and determine if your withholding is adequate.
Should I ask that additional money be taken from my federal and state taxes? See the above calculation. If you are short in your withholding then adjust your W-4 withholding or make estimated taxes.
If so how much?
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