I Am Retired And Still Working; Do I Inform Social Security Of My Pay?
The above scenario is very common with the economy what it is. People are working long after they are officially retired to raise an extra income to supplement their social security benefits. However, whether you tell social security or not could depend on a number of factors. Depending on where one works, their employer will tell the social security about them because they will have to deduct the social security fee from the check. Whenever one is earning, social security uses the social security number to track the earnings.
Your Employer Will Deduct Social Security Fee From Your Check
While it is not a very good idea to evade paying taxes, perhaps it is important for one to make the disclosure right away to Social Security. If one is self employed, Then they would make their tax payment together with other federal taxes. Either way, it would lead to social security knowing that one is employed in some income generating activity even after retirement. The reason why many people would be reluctant to let the social security know that they are earning even long after retirement is that their earnings would reduce their social security benefits.
To Tell Or Not To Tell? Find Out Online
The question of whether I have to inform social security that am working even after retirement is one that generates much debate on the internet. Following this, a lot of information has been posted online in the same regard. It is thus important that one seeks more information about the same. It is important that one seeks the right information from other people who have been in a similar scenario before. In any case, there are also instances where one can a save a lot of money in benefits simply by doing a few simple things. There is no limit on earnings after one has attained the age of retirement. Retired and still working? Get informed.