Working and drawing SSI: Doable?

Yes

Are you paying yourself actual payroll and issuing yourself a w2 for the wages?

Distributions aren’t usually taxable but the distribution doesn’t lower your net income of the business.

Go talk to a tax professional that understands social security benefits. Spending an hour with them should be enough to answer this as they can get an idea of your total situation much better than strangers on a message board.

In some cases social security doesn’t get taxed. In other cases, as much as 85% gets taxed.

Questions you should be prepared to answer:
What is the current salary you are receiving through your w2 wages? What is the net income of the business? Is it an s corp with a separate return or do you just report on your 1040? Are you married? If so, does your spouse work? What do they make? Do you have investments in a taxable brokerage account that generate capital gains, dividends and interest? Will you enroll in Medicare? What is your current health insurance situation? Do you contribute to an HSA? Are you 65 or older? Do you need the extra 2k per month or do you just want to take it?

What an absolute scam SS is for the productive individual

Just want to take it, don't actually need it.


Good questions; I'll have all the answers.

quote:

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I can see that I'll likely never get a dime that my wife, or I, ever paid in.

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Why do you say this? It sounds like you are at or very near the age when you can draw it. If you wait until FRA the income limitations go away. Can up to 85% of your SS be taxable? Yes but its still extra money in the pot every month.

You and I have about the same time left. I'm a little less than 3 years from, FRA but I'm waiting until 67 and 9 months because iI get a bump in pay from SS that month.