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I am conintuing to work and just began collecting SS benefits. ....so where does that SS money tax go? Should not that tax be stopped once I begin collecting?
I am collecting and still working. I do get regular SS taxes taken out. You could also be taxed on your benefits (depending on age). Since I am still working, it does increase the amount I get from Social Security. I'm hoping to stop working next year.
As posted, collecting has nothing to do with it. If you receive earned income, you pay, whether it benefits you or not. I wish once it made no difference, you didn’t have to pay in anymore!!! I have paid in (and likely still will) thousands that do not alter my benefit one iota because I already have more than 35 years of maxed earned income. My increases the last few years have been in the $20/mo range, for contributing over $7k/yr each year, when a higher 100% knocks off a lower 100%. Anything I would earn from 2020 on, would be less than max (even inflated), so doesn’t even get counted THAT much for my PIA. It just goes to help out the SSA pay others.
I am collecting and still working. I do get regular SS taxes taken out. You could also be taxed on your benefits (depending on age). Since I am still working, it does increase the amount I get from Social Security. I'm hoping to stop working next year.
Although if one's income or incoming money is low enough in retirement (when no longer working), one ends up not having to pay taxes on Social Security income, in the states which tax Social Security income.
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