Page 18 THE REVERE ADVOCATE – FRIDAY, JUNE 9, 2023 MARATHON | FROM Page 10 tient care and cancer research at Dana-Farber Cancer Institute. The Boston Athletic Association has supported the Jimmy Fund Walk since 1989, and Hyundai has been the presenting sponsor for more than 20 years. Register as an individual walker or team member or start a team! Take advantage of this unique opportunity and lead a group of your family, friends or colleagues to the fi nish line. The Jimmy Fund can help you start a team, grow your fundraising and defy cancer, together. To register for the Walk (#JimmyFundWalk) or to support a walker, visit www.JimmyFundWalk.org or call 866-531-9255. Registrants can enter the promo code NEWS for $5 off the registration fee. All registered walkers will receive a bib, a medal and a Jimmy Fund Walk T-shirt. About the Jimmy Fund: The Jimmy Fund, which is celebrating its 75th anniversary in 2023, is comprised of community-based fundraising events and other programs that, solely and directly, benefit Dana-Farber Cancer Institute’s lifesaving mission to provide compassionate patient care and groundbreaking cancer research for children and adults. The Jimmy Fund is an offi cial charity of the Boston Red Sox, the Massachusetts Chiefs of Police Association, the Pan-Mass Challenge and the Variety Children’s Charity of New England. Since 1948, the generosity of millions of people has helped the Jimmy Fund save countless lives and reduce the burden of cancer for patients and families worldwide. Follow the Jimmy Fund on Facebook, Twitter and Instagram: @TheJimmyFund. What Happens if You Work While Receiving Social Security? Dear Savvy Senior, I started drawing my Social Security retirement benefi ts back in 2021 when I was forced to retire early, but I’m now interested going back to work part-time. Will this affect my benefi ts, and if so, how much? Back to Work Dear Back, You can collect Social Security retirement benefits and work at the same time but depending on how old you are and how much you earn, some or all of your benefi ts could be temporarily withheld. Here’s how it works. SSA Earning Rules Social Security says that if you’re under your full retirement age and are collecting benefits, then you can earn up to $21,240 in 2023 without jeopardizing any of your Social Security if you don’t reach your full retirement age this year. But if you earn more than the $21,240 limit, you’ll lose $1 in benefi ts for every $2 over that amount. Full retirement age is 66 for those born between 1943 and 1954, but it rises in two-month increments every birth year to age 67 for those born in 1960 and later. You can fi nd your full retirement age at SSA.gov/benefi ts/retirement/planner/ageincrease.html. In the year you reach your Hammersmith - Saugus Classic Center Entrance Colonial in much desired Hammersmith Village on a quiet cul-de-sac. 8 inviting rooms, 2.5 baths and two-car garage. Asking $929,000 Paul Coogan Cell: 617-851-5381 Email: paul@bradhutchinson.com full retirement age, a less stringent rule applies. If that happens in 2023, you can earn up to $56,520 from January to the month of your birthday with no penalty. But if you earn more than $56,520 during that time, you’ll lose $1 in benefi ts for every $3 over that limit. And once your birthday passes, you can earn any amount by working without your benefi ts being reduced at all. Wages, bonuses, commissions, and vacation pay all count toward the income limits, but pensions, annuities, investment earnings, interest, capital gains and government or military retirement benefi ts do not. To fi gure out how much your specifi c earnings will affect your benefi ts, see the Social Security Retirement Earnings Test Calculator at SSA.gov/ OACT/COLA/RTeff ect.html. It’s also important to know that if you do lose some or all of your Social Security benefi ts because of the earning limits, they aren’t lost forever. When you reach full retirement age, your benefi ts will be recalculated to a higher amount to make up for what was withheld. For more information on how working can aff ect your Social Security benefits see SSA.gov/benefits/retirement/ planner/whileworking.html. Be Mindful of Taxes Too In addition to the Social Security rules, you need to factor in Uncle Sam too. Because working increases your income, it might make your Social Security benefi ts taxable. Here’s how it works. If the sum of your adjusted gross income, nontaxable interest, and half of your Social Security benefi ts is between $25,000 and $34,000 for individuals ($32,000 and $44,000 for couples), you have to pay tax on up to 50 percent of your benefi ts. Above $34,000 ($44,000 for couples), you could pay on up to 85 percent, which is the highest portion of Social Security that is taxable. About a third of all people who get Social Security have to pay income taxes on their benefi ts. For information, call the IRS at 800-829-3676 and ask them to mail you a free copy of publication 915 “Social Security and Equivalent Railroad Retirement Benefi ts,” or you can see it online at IRS.gov/pub/irs-pdf/ p915.pdf. In addition to the federal government, 12 states – Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, Vermont and West Virginia – tax Social Security benefi ts to some extent too. If you live in one of these states, you’ll need to check with your state tax agency for details. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.
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