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How Will My SS Be Affected If I Don't Pay Income Tax For The Next 10 Years?
Hi I've lived and worked in Florida for 25 years but recently 3 years ago I moved to Mexico for a better job. I file my taxes every year but I get a 103,000 exemption because my residence is in Mexico now. I think I may stay here for the next 10 years working . How will this effect my SS earnings if its exempt and I dont pay any income tax for the next 10 years.
Thanks
Hi,
Your Social Security retirement benefit rate will be based on an average of your highest 35 years of wage-indexed earnings on which you paid Social Security taxes (https://www.ssa.gov/pubs/EN-05-10070.pdf). If you only have 25 years of Social Security earnings then 10 zero earnings years would be included in your average, which would of course drag down the average and your resulting benefit rate.
You may want to consider using our software (https://maximizemysocialsecurity.com/purchase) to calculate your approximate benefit rate with and without future earnings.
Best, Jerry
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Posted:
October 12, 2019