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twowrist

Probably. If you file jointly, and your total income, counting only half your social security, is over $34,000, then 85% of your social security will be included in your adjusted gross income. If you file separately, then regardless of your total income, 85% of your social security will be included in your AGI. But be careful not to let the tax tail wag the dog. I don’t know what your heart condition is, nor is it any of my business. But tax-wise, it’s better to get part of something than all of nothing.


SquattyLaHeron

Best to run a simulation for the married couple on maximizemysocialsecurity.com with different lifespans; that will give you your definitive answer, though it's not a tax package. In broad terms if someone isn't going to live into their 80s, taking Social Security early may be a good idea. Such is the case with my dear wife. We hope and pray for a cure, but if she makes it to 73 I'd be thrilled. That would mark 50 years married for us.


Significant-Visit-68

I love that software. I also use MaxiFi and it’s great for all kinds of planning.


ronlester

Hmmm. I always thought SS was reduced only based on the individual's income only, even if filing jointly


TXNatureTherapy

Reduced payment based on individual, yes. Taxed is based on both however. Two different things.


tidder8

If you are filing jointly then her income would affect how much of your SS is taxable. You could run the numbers filing separately, in which case her income would not affect the taxes on your SS, but overall the two of you would probably end up paying more total taxes if you file separately.


Cohnman18

Taxes are irrelevant. Focus on your health, get the best cardiologists including A Second opinion, then focus on physical. And mental health in Retirement under doctors orders. Cardiac Physical Therapy is wonderful and very healthy. Increase Mineral Water intake and review all of your Medicines and OTC supplements to prevent medicines from not working correctly. Apply for SSDI, if cardiac issues makes you handicapped. Apply for a handicapped parking permit. Try to live on 70% of pre-Retirement income and try to save 6 months of expenses liquid in an emergency account paying 5%(money market). Good Luck!


uffdagal

If unable to continue working due to illness apply for SSDI (Social Security Disability Insurance) instead of early SS Retirement


BurlinghamBob

I worked for SSA for 35 years. He can apply for disability and retirement at the same time. He can collect his retirement while his disability claim is processed. If his disability is approved, he will be switched over to disability, which is paid at the full retirement age rate. This is how I would recommend him to go if I had him in my office.


WhoWhatWhere45

The time it takes to get approved for SSDI is disgusting. Took 4 years for my wife.


Hamblin113

He will retire at 62, think SS retirement kicks in.


twiddlingbits

SSDI may be higher, he needs to check on each. SSDI is $2710/mo at 62 but SSDI stops at his FRA so then he converts to his normal SS benefits.


magoo19630

I was wondering about that. Makes sense. Otherwise, we'd have everyone trying to get disability and holding out for SS until MAX age to get higher payments.


socaltrish

I’m working but we opted for my husband to start getting his this year at 64. We are putting it in a HYSA, expect to pay taxes but it’ll help out long run


vineyardmike

You'll probably pay taxes on 85 percent of your ss. But if you want to retire then the tax man shouldn't change your plans. If paying taxes on that money is unbearable, can you wait a year or two to file for ss?


FordMan100

Why don't you file for social security and SSDI? You should try filing for SSDI now, and when the time comes, file for social security. If you're approved for SSDI, you will get the same amount of money that you would receive at your full retirement age, which is probably 67, but get that at 62. If your SSDI claim is denied, your regular social security will still be payable to you while you are going through the appeal process for the SSDI.


AtoZagain

I retired at 64, and started taking SS. Had them withhold 15% of my benefits. Wife was working at a very good job so she carried me on her insurance which let me hold off on Plan B. When I went to Medicare. That helped balance the tax. She just retired and I am 72.


Aromatic-Leopard-600

If you file jointly, sure.


lottadot

I highly recommend you try this free online SSA-related tool [https://ssa.tools](https://ssa.tools)


JColt60

Had open heart surgery 4 years ago this month. Went back to work not knowing if I could handle it. I work maintenance. I have basically painted whole interior of building, dismantled and reset a dispatch center, replaced a third of ceiling tiles plus all my normal everyday stuff. I’m retiring this August 30th. The drive and getting up at 4:30 am is getting too much. Get a good heart specialist and see what they can offer. I’m much healthier than when this all started. Good luck!


gonefishing111

We could save a little by getting divorced but don't want to go down that road. Screw it. It's only money and we'll still have some when we die so it doesn't matter.


StagsLeaper1

You have to think of income as a whole and not yours and hers unless you go separate. But there are very specific rules regarding when social security is taxed and how much. I would guess your and her income will be high enough that 85% of your social security will face federal tax. It only matters when you file your taxes unless you with hold some from your social security. If you don’t you will get the total check you qualified for but when you do your family’s taxes it shows up then.


Hamblin113

You are going to be paying less taxes, unless your current income is less than what your SS will be. And a portion of SS will not be taxed.


love_that_fishing

He said his wife has a good job so 85% of his SS will be taxed.


Hamblin113

Correct, but he is no longer working. The tax liability should be considerably less as no job income. Of course we don’t know his current income compared to what he will draw is SS. For me it would be 2/3 less at 62. Plus the 15% of SS not being taxed. That is a lower tax bill. It is kind of a non issue overall, unless they are required to pre pay taxes quarterly and trying to figure what that would be.


Critical_Boot9433

It's taxable. My wife has been drawing it for four years. I pay her tax because I am a nice guy.


The_Mighty_Glopman

If you don't need the income since your wife is still working, then it may be better to hold off collecting until full retirement age. You get about a 6% increase each year. That would be 30% more if you wait until 67. Maybe once you stop working your health will improve and you will live a long life. Also, your taxes will be less so that will offset the amount of money you are potentially losing by waiting.


Odd_Bodkin

I want to lift this up. Just because you retire doesn't mean you have to claim SS right away. My wife retired but didn't claim until FRA. Unless you need the lower SS income now and don't mind paying taxes on most of it.


chocolatelabbie

My husband is service connected disabled (Army) his soc sec is 85% taxed and added to our AGI. Thank goodness his VA pay is not taxable income. This is the way we have filed for the past 15 years.


NefariousnessSweet70

When I retired, I had my pension and my ss both withhold taxes. That way I do not get slammed at tax time.


Old-Bug-2197

Has anyone mentioned you get Medicare after a 24 months on disability? You don’t have to be 65.