Changes in your income when you retire can be worrisome!
The good news is that there are tools to help you figure out the correct withholding!
My favorite is the TurboTax W-4 Calculator 2023
When you have time to sit down and work on this, go through the questions in this tool. At the end of the process, you'll be able to see an estimate of what you're on track for this year.
If you need to withhold taxes for your Social Security income you would use form W-4V. The link is below.
https://www.irs.gov/pub/irs-pdf/fw4v.pdf
I would suggest also reviewing the tool at the end of 2023 to ensure that your withholding will still be accurate for the 2024 tax year!
I hope this helps!
Have a great day!
How much will all your income be not counting social security? Your SS might not be taxable.
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