The federal government can tax up to 85% of your Social Security benefits if your provisional income -- adjusted gross income (AGI), plus nontaxable interest from municipal bonds, and half your annual Social Security benefit -- exceeds $34,000 for a single adult or $44,000 for a married couple.

All financial plans are important, but Social Security benefits play a profound role in preventing elderly poverty and are paid out at an important stage in a person's life. Find Out: 8

Deciding whether to claim Social Security benefits while still working is a multifaceted decision with significant financial implications. This choice requires careful consideration of both immediate and long-term effects,