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Accounting, Payroll & Pension Issues/SS Deductions while receiving SS Benefits
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Question
Hopefully, you can help me or pass me on. Since 2005, my wife and I have been contributing around $2000 per year into our SS Account. Is "contribution" just what it is since we can foresee no way that our pension or benefits could ever increase?
Unfortunately, what you are saying is correct. Even though you are collecting Social Security benefits, you must pay Social Security tax on any salary your wife or you receive. And those taxes don't increase your benefits.
Wish I could give you a better answer.
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Questioner's Rating
| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Not a surprise that Allen has been Volunteer of the Month already. See all 10's above. Thanks Allen. | ||
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Accounting, Payroll & Pension Issues
Answers by Expert:
Allen
Expertise
Pension questions ONLY. Pension, profit sharing, and 401(k) plan design, installation, administration and actuarial services; rollovers to Individual Retirement Accounts; taxation of retirement plan distributions
Experience
Over 35years experience in the pension field
Organizations
Various actuarial organizations
Education/Credentials
MBA and various professional certifications
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