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posted May 24, 2023 3:48:18 PM

Change withholding or decrease payout?

I receive a monthly payout from a government agency I retired from and also a Social Security payment. My budget is less than the total of these payments. Currently I have funds deducted monthly from my SS payment to put into a money market account. I was wondering if I should decrease the amount paid by the government agency or ask them to change the withholding amount. 

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Expert Alumni
May 24, 2023 3:50:25 PM

@pamc13 

Here is a useful tool that can help calculate your withholdings on your income free W-4 Calculator

Hope this helps