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Adjusted Gross Income includes your taxable wages, pensions, interest, dividends, other taxable income and tax-exempt income. If you have provisional income of less than $25,000 ($32,000 if you are married and filing a joint return, none of your Social Security benefits will be taxable. If your provisional income is between $25,000 and $34,000 ($32,000 and $44,000 if married and filing a joint return) up to 50% of your benefits may be taxable. If your provisional income is more than $34,000 ($44,000 if married and filing jointly) up t 85% of your Social Security benefits may be taxable.
You can work a little bit and still continue to get your Social Security benefits, Mitchell notes. In 2008, those who collect benefits before reaching the year of their full retirement age can earn up to $13,560 without penalty. Above that level of earnings, they will lose 50 cents of every benefit dollar. Working may decrease your retirement benefits until you reach your full retirement age.