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March 17, 2022
Can I Pay Social Security Taxes On My Disbursements From The Thrift Savings Plan?
Hi Larry
Im 58 this year and plan to take a postponed retirement next March 1 for 18 months. I'll retire from the USPS with 22 years at age 60. If I delay my Social Security until FRA at 67 can I pay social security taxes on my disbursements from my TSP?
Thank you,
Susan
Hi Susan. No. People aren't allowed to voluntarily pay Social Security taxes on non-covered income, and disbursements from the Thrift Savings Plan (TSP) are not subject to Social Security taxes. Only net earnings from self-employment and Social Security covered wages are subject to Social Security taxes.
It sounds like you may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.
Best, Jerry