In today’s retirement landscape, working during retirement and while claiming Social Security benefits has become a relatively common occurrence—but what are the rules when only one spouse continues to work during retirement?
And how do modern complications such as divorce and dual earnings records factor in? While the basic rules for taxing Social Security benefits during a working retirement are relatively straightforward, when modern day complications are factored into the equation the results are anything but simple.
This magnifies the importance of the advisor’s role in providing guidance on the impact of simultaneously working and claiming Social Security benefits in order to maximize Social Security during a working retirement.
|The working retirement Social Security tax
As is becoming extremely common, a client can begin to collect Social Security benefits even while he or she continues to work and earn income. However, a portion of that benefit will be subject to tax rules that differ from the otherwise applicable tax rates.
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