Congratulations! You have retired. For the first time in a long time you will no longer have to pay Social Security or Medicare tax. Now, once you are eligible, you can start receiving those benefits.
On the other hand… you are no longer able to contribute pre-tax to your retirement plan. Not only that, at age 70.5, you will have to start withdrawing from your retirement accounts. Additionally, as much as 85% of your Social Security benefit could be subject to federal income tax depending on your filing status and income.
Confused? Since you no longer have a paycheck with withholding for income tax, you now may have to start paying withholding tax yourself. If you go to www.irs.gov, you can figure out your estimated tax. Do not pay this late as there will be additional penalties.

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