Dec 6, 2018
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Transcript:
Is social security taxed?
Ugh, yes, unfortunately, it is...and it gets taxed at a fairly low income threshold as well.
Up to 85 percent of your benefits become taxable if your income is more than $34,000 (individual) or $44,000 (couple). Jimminy Christmas! In addition to that, 13 states also tax your social security benefits! Come on...Can we catch a break?!
Considering you paid into social security your entire working life, it seems more than a litle unfair that you could also pay taxes on your social security checks in retirement too.
My point here is not to round you all up to go rioting in the streets, but that you will want to consider how social security will be taxed, so you don’t overestimate your income from social security in retirement.
So when you’re figuring out how much after-tax income you’ll need to live comfortably in retirement, you’ll want to consider how all of those income sources will be taxed, and remember that social security is taxed as well when you’re income exceeds certain thresholds.
Thanks for listening today. Tomorrow we’re going to talk about cuts to social security - will that happen to you?
My name is Ashley Micciche...and this is the One Minute Retirement Tip.
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