Is it true once you reach the age of 70 you can make as much income as you want and recieve any monies?

Question

I thought when you reach age 70 you can make as much money as you want without losing your social security benefits. And if you do not have other income do you have to still file income taxes

Answer 1

Not exactly. A record 10.7 million tax returns reported taxable Social Security benefits in 2000, up 12% from 1999, according to the IRS. That number will grow, because income thresholds that trigger the taxes aren't indexed to inflation.

Older workers don't have to earn much for taxes to kick in. An unmarried worker with benefits of $20,000 a year would have to earn only an additional $15,000 to trigger taxes. In the 15% tax bracket, they would pay $1,500 in taxes on Social Security benefits alone.

Higher earners can pay taxes on as much as 85% of their benefits. If that same unmarried worker earned $25,000, they would pay $2,550.

If you are only receiving SS then normally you don't have to report it by filing a tax return.

Answer 2

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

this is from the social security website, http://ssa.gov/retire2/whileworking.htm

Full retirement age is between 65 and 67, depending on the year of birth.

If you are receiving social security but have no other income, then you don't have to file income taxes. If you do have other income, you might or might not have to file - and part of social security benefits, up to 85%, can be taxable depending on the amount of other income.

Answer 3

Everything you have stated is correct.

A person age 70 can have any amount of income and will not lose any social security benefits.

If you do not have other income, you will not owe tax on your social security benefits, and you will not have to file income taxes.

Answer 4

Correct!
And yes, you don't have to file taxes if your source of income is only social security benefits.