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I Took Social Security While I Was Still Working -- Even Though the IRS Takes a Cut

TheMotleyFool

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I Took Social Security While I Was Still Working -- Even Though the IRS Takes a Cut: https://g.foolcdn.com/editorial/images/763404/old-guy-teaching-kid-gardening.jpg

I'm one of that subset of American taxpayers who've reached full retirement age (FRA) of 67 and then chose that point to begin drawing Social Security. I've also kept working and am paying the price in the form of paying taxes on a portion of my benefits. I knew that going in.

Death and taxes of course are unavoidable, and the relatively low threshold for paying federal income taxes on Social Security while I continue my work as an independent contractor (after retiring from my full-time job in 2021) didn't deter me.

I like what I do, and this move provides a balance between enjoying the benefits of retirement while enhancing my financial stability.

Source Fool.com

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