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Social Security and Taxes – Could There Be a Tax Torpedo in Your Future?
by Phil Weiss, Apprise Wealth Management
Do you know if Social Security income is taxable? This question does not have an easy answer. It might be. But then again, it might not be. In short, the answer depends on your overall tax situation.
To determine the tax paid on your Social Security benefits, you must calculate your provisional income first. You can’t find provisional income on the face of your tax return. There you will see terms such as taxable income and adjusted gross income. Provisional income isn’t either one of those. It includes:
Revisiting Social Security Reform: The Social Security 2100 Act
by Grant Bledsoe, Three Oaks Wealth
The Social Security 2100 Act was recently introduced by the Social Security Subcommittee of the House Ways and Means Committee. The reinstatement follows the Social Security Administration’s latest forecasts that the trust funds will deplete in 13 years. In this episode, Grant dives into the status of the Social Security Trust fund, some potential solutions to buffer its reserves, and his overall thoughts on the proposed bill.
Social Security: Some Key Benefit-Related Concepts
by Phil Weiss, Apprise Wealth Management
For many, Social Security benefits represent a key element of retirement income. Understanding the key concepts involved in calculating your Social Security benefits can enhance your retirement planning. If you haven’t saved along the way and created a more expansive retirement paycheck, Social Security benefits may be your only source of retirement income. Either way, you should understand how your benefits are determined. You also want to know when to claim them.
Should I Count on Social Security in Retirement?
by Robert Stoll, Financial Design Studio
One of the favorite American pastimes is making light of the government. Whether that’s joking about the ogre known as the IRS or slow mail delivery from the Post Office, we’ve all had an interaction or two with government that was less than stellar. Social Security is also an easy punching bag. Many folks say, “Ain’t no way I’m going to get my Social Security the way things are going!” But sitting behind joking statements like this lies a real life, unspoken question. Namely, “Should I count on Social Security in Retirement?”
When Do I Take Social Security Benefits? [Video]
by Trevore Meyer, Financial Design Studio
For many of our clients who are working near the end of their careers the natural next question that comes to mind is when do I take Social Security benefits? Over the life of your career you have continuously been paying into Social Security. It makes sense you would want to maximize any available benefit that you could receive. This allows you not to have to lean on your outside savings nearly as much.
How I Rescued Social Security. (And You Can, Too!)
by Jim Bradley, Penobscot Financial Advisors
Most American citizens have not experienced a society without Social Security. We take largely for granted a system that nudges over 10 million seniors above the poverty line; one that, for 1 in 4 seniors, provides 90 percent of the income they rely upon for food and shelter.
These statistics beg two questions:
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.
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Good Financial Reads: Leaving a Financial Legacy (Part Two)
Good Financial Reads: Choosing a College Savings Plan
