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7. Monthly Social Security benefits Monthly Benefits The Social Security Administration has a computerized service that determines your benefits because Social Security benefits are based on a fairly complicated formula. In fact, the government is required to provide all covered workers with a Social Security Statement. Identify the range of benefits you can expect. If you retire at age 62, benefits of 70 to 80% of your full retirement benefits . If you retire at age 65 to 67, receipt of your full retirement benefits . If you delay retirement until age 70, you can receive an increase in your benefits Your Range of Benefits Kevin, a 66 years old worker, is deciding between retirement either this year or the next year. His average monthly benefit is determined to be $2,323.25. Assume that the benefit is the same for this year and the next year. Compute Kevin's annual benefit reduction amounts in each of the following scenarios If Kevin retires this year and secures a part-time job earning $17,000, his annual benefit reduction amount is If Kevin retires this year, secures the same part-time job, and in addition projects interest and dividend earnings of $7,000 per year, what his annual benefit reduction amount is 5 If Kevin retires next year and secures the same part-time job, the annual benefit reduction amount is 5 Taxes on Benefits Social Security is paid in with after tax dollars but may be subject to tax if annual income exceeds a base amount. A single taxpayer's bases $25,000. Married taxpayers filing jointly have a base of $32,000. Married taxpayers filing separately have a base of vero Suppose Rajiv is retining this year at age 67. The following table shows his data Part time salary Annual dividends $20,000 $2,250 Annual savings account interest Annual interest on alles municipal bonds $250 $1.159 Based on the income calculated, Rajiv will have of his Social Security benefits taxed. 7. Monthly Social Security benefits Monthly Benefits The Social Security Administration has a computerized service that determines your benefits because Social Security benefits are based on a fairly complicated formula. In fact, the government is required to provide all covered workers with a Social Security Statement. Identify the range of benefits you can expect. If you retire at age 62, benefits of 70 to 80% of your full retirement benefits . If you retire at age 65 to 67, receipt of your full retirement benefits . If you delay retirement until age 70, you can receive an increase in your benefits Your Range of Benefits Kevin, a 66 years old worker, is deciding between retirement either this year or the next year. His average monthly benefit is determined to be $2,323.25. Assume that the benefit is the same for this year and the next year. Compute Kevin's annual benefit reduction amounts in each of the following scenarios If Kevin retires this year and secures a part-time job earning $17,000, his annual benefit reduction amount is If Kevin retires this year, secures the same part-time job, and in addition projects interest and dividend earnings of $7,000 per year, what his annual benefit reduction amount is 5 If Kevin retires next year and secures the same part-time job, the annual benefit reduction amount is 5 Taxes on Benefits Social Security is paid in with after tax dollars but may be subject to tax if annual income exceeds a base amount. A single taxpayer's bases $25,000. Married taxpayers filing jointly have a base of $32,000. Married taxpayers filing separately have a base of vero Suppose Rajiv is retining this year at age 67. The following table shows his data Part time salary Annual dividends $20,000 $2,250 Annual savings account interest Annual interest on alles municipal bonds $250 $1.159 Based on the income calculated, Rajiv will have of his Social Security benefits taxed