“I am fairly healthy and plan to work 10 additional years. I need a game plan.”
I have been penalized for the last two years because I went over the limit on earnings for Social Security as I was making around $50,000 each year. Next year, at 66 and 8 months, I can earn as much as I want and not be penalized by Social Security.
This year, the Social Security Administration starts cutting payments once people earn at least $21,490 a year. Next year it will put the earning limit at $22,320, and start nipping beyond that point. However, Social Security recipients pay federal income taxes on up to 85% of their benefits if their “combined income” exceeds $34,000 a year, the Social Security Administration says.
One bold move would be suspending your Social Security benefits, so long as you could still pay all your other bills and debts, Carroll added. Credit cards carrying balances had an average annual percentage rate of 22.77% in the third quarter, according to the Federal Reserve. The interest on an IRS installment plan is under 10%.
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