Ask The Experts: Retirement

By Reg Jones

Benefits after retiring from active employment

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Q. When you stop working and start receiving pension benefits I know Federal taxes can be withheld, but I am not sure if Medicare and Social Security are still deducted. Are they? 

A. No. Medicare and Social Security taxes are only deducted from earnings from wages or self employment, not other sources of income, such as retirement annuities.

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