• Question
  • How much monies do I need to put aside for taxes if I am still working fulltime but am age 66 and would like to start drawing my ss income

    Asked by a 67 year old woman from Mesa, AZ on 6/15/2018

    How much monies do I need to put aside if I start drawing my ss now at age 66 but I am still working full time?

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  • Categories: Taxes, Retirement Planning

Answers

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  • A good rule of thumb is to set aside 30-35% of your income for taxes. Of course, individual tax situations will vary based on number and size of income sources. Dependent on your income, your Social Security benefit may be taxed. It's a good idea to forecast your work income and Social Security prior to drawing the benefit. You may choose to call the Social Security office or to reach out to a financial planner.

  • Login to rate this answer:   Answered on 7/2/2018
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.