Hello I am helping my dad figure out his SS as he doesn't even have a computer. He just turned 64 and was born in 1952. He's working full time now making about 30k a year. His estimated SS is $2050 if he collects now and $2300 if at 66.
If he collects now, and makes 30k would 15k of that be reduced $1 for every $2 (so he would lose out on $7500?) just want to make sure I have that right.
Trying to see if it makes more sense for him to go part time and make up to the limit.
Also how would he be taxed if he did work full time and collect? Not sure how the SS payment it taxed?
Thanks in advance for any help!