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How does continuing to work and the timing of filing taxes affect one’s Social Security benefits?

Full question: My wife has reached full retirement age. She is working and self-employed. She hasn’t paid taxes for last year yet this year. Should she wait until she files taxes before requesting to start benefits? Will she get an adjustment to her benefit if she starts SS before filing her taxes for last year?…

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How is my Social Security benefit calculated?

Full question: I’m thinking about retiring in June. Will my benefit be based on the half year or my last year’s earnings? Hello, Your retirement benefit is based on your highest 35 years of earnings, after being adjusted for inflation, and then also on the age you begin collecting. Here are more details on how…

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I asked to reduce my hours to stay within Social Security’s earnings limit, but my employer thinks it’s illegal. What should I do?

Hi there, I am assuming that you are younger than your full retirement age, FRA, and collecting retirement benefits while still working. Explain to your employer that you are subject to the SSA Retirement Earnings Test and share this information with them. For personalized assistance, you can work with an RSSA here. Best of luck,…

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How much money can I earn without being penalized?

Full question: I’m 66 years old and my full retirement age will be September 2026. How much money can I earn starting in January 2026 without being penalized? Hi there, If you are planning to continue working, and also begin collecting retirement benefits prior to your FRA, you will be subject to the Retirement Earnings…

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If my minor children work and make money, will that impact our Social Security?

Full question: I am retired and on Social Security. I have children under 18 and receive Social Security money for them. Are the children allowed to earn any money themselves and if so does this effect how much I receive on their behalf? Hello, Yes, children receiving Social Security benefits can earn money, but their…

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If I am still working and file 1099, what’s the best route to still pay into Social security?

Hello, Thank you for reaching out with your question about paying into Social Security while working as a 1099 independent contractor. As a self-employed individual filing a 1099, you are responsible for paying Social Security and Medicare taxes through self-employment taxes. This is done by filing an IRS Schedule SE (Form 1040) to report your…

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