How Post-Retirement Work Can Affect Your Benefits and MediCare
Social security in the United States is a topic that is not always fully understood. There are many nuances to it, so Jody D'Agostini, a certified financial planner at Equitable Advisors The Falcon Financial Group, decided to clarify what would happen if you return to work for a short time after reaching retirement age. Writes about it NJ.
If you return to work for a short time after you turn 70 and all Social Security and medical taxes have been withheld, will this affect Social Security or MediCare amounts?
It all depends on the circumstances. Additional income from work may affect your MediCare premiums in the future.
On the subject: How does the pension system in the US
“This could put you in a higher tax bracket,” says D'Agostini. - The increase starts at $ 88 in income for a single taxpayer and $ 000 for a married couple filing a joint return. Monthly payments can be as high as $ 176 for Medicare Part B and $ 000 for Part D. "
The premium will be taken into account in two years, she said, as the government uses these tax returns to determine insurance premiums.
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According to D'Agostini, there is no need to worry about a decrease in social benefits, because if you return to work at 70, you have reached full retirement age. But an unexpected surprise may await you - its increase.
“Even if you are already receiving benefits, the Social Security Administration will check annually to see if this additional salary will increase your benefits,” she said. "If your earnings are higher than in previous years, your benefit may be increased."
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