Sentences with phrase «amount of social security»

Some states offset your unemployment benefits based on the amount of social security states you receive.

The dollar amount of your Social Security payments depends on how much you earned while working and what age you are when you sign up to receive your benefits.

This article looks at both sides of the argument by presenting the facts on how the amount of Social Security benefits you'll receive can change depending on the age that you claim them.

In years past, those who were over age 50 were likely to have their mortgage paid off, their children out of the «nest,» and were able to rely on a regular amount of Social Security and investment or pension income throughout the remainder of their lives.

Typically, the pension benefit is offset or reduced by either: (1) the amount of Social Security benefit the participant would receive at Social Security Normal Retirement Age (this amount is known as the «primary insurance amount»), or (2) the amount of Social Security benefit the participant would receive at an age or date specified by the plan.

Carol gets credit for this amount of Social Security benefits.

If any amount of your Social Security benefits are taxable, you can file your tax return on Form 1040A or Form 1040 (Not sure which form you should file?

For CSRS Offset employees, the benefit is reduced by the amount of Social Security survivor benefit entitlement attributable to CSRS Offset service when the SSA benefit becomes payable.

This article looks at both sides of the argument by presenting the facts on how the amount of Social Security benefits you'll receive can change depending on the age that you claim them.

The amount of your Social Security payments during retirement are automatically adjusted for cost of living increases, but your retirement savings remain flat unless you're in a special type of fund.

you can increase the amount of your Social Security benefit by 8 % for every year that you delay receiving benefits after your Full Retirement Age (FRA — see this article for an explanation).

Selling your home may have an impact on the amount of social security benefits you receive.

That can help keep you out of a higher tax bracket, qualify you for credits and deductions that you might not be eligible for with a higher adjusted gross income, and reduce the amount of your Social Security income that's taxable.

You do not want to retire too early; this will diminish the amount of Social Security income you receive each year.

On the other hand, you might choose to take a small amount of Social Security earlier and draw down more of your other retirement accounts to reduce the need to withdraw a larger, taxable required minimum distribution (RMD) later.

The amount of your Social Security benefits is based on the average of your 35 highest - earning years of your working life, with the amount of wages that you earned in any given year indexed for inflation, which is used to calculate your primary insurance amount.

If your spouse will receive a pension for work not covered by Social Security such as government employment, the amount of their Social Security benefits on your record may be reduced.

For those who are their own employers, they bundled the full amount of Social Security and Medicare together as self - employment tax when SECA was passed years after FICA was passed.

The amount of your benefits depends on the number of years you (or your spouse) worked and the amount of Social Security taxes you paid during your career, which is based on how much you earned each year.

Solo workers are responsible for paying the full amount of Social Security and Medicare payroll taxes and must include this document with their tax return.

But if you don't reach age 80, you'll receive a higher total amount of Social Security by collecting earlier.

Dividends, capital gains, withdrawals from IRAs in excess of the required minimum distribution, Roth IRA conversions, and even interest from municipal bonds can increase the amount of Social Security benefits that are taxed.

The amount of Social Security benefits that are taxed depends on your filing status and total income.

In theory, you could elect to have monthly payments sent to you that are equal or greater than the amount of the Social Security payments that you'd be receiving were you to apply for benefits right away.

The amount of your Social Security retirement benefits depends on your age when you retire.

Add all of the numbers in Box 4 together to determine the amount of Social Security tax withheld during the year.

If you are self - employed or an independent contractor, you are responsible for calculating and paying the entire amount of the Social Security tax, which is composed of the employee and employer SSI taxes, plus the Medicare tax..

The GPO reduces the amount of your Social Security spouse's, widow's, or widower's benefits by two - thirds of the amount of your government pension.

However, your records are credited with special earnings that may help you qualify for Social Security and Medicare or increase the amount of your Social Security benefit.

For example, your taxable income helps determine the amount of your Social Security benefits that are subject to taxes.

This article looks at both sides of the argument by presenting the facts on how the amount of Social Security benefits you'll receive can change depending on the age that you claim them.

Since you earn a delayed retirement credit for every year that you wait beyond your Full Retirement Age, this can drastically increase the amount of Social Security you receive.

Dan Caplinger: If simply maximizing the dollar amount of Social Security benefits you'll receive over your lifetime isn't exactly what you have in mind, then it can be a big mistake to wait until age 70 to start taking benefits.

So the maximum amount of Social Security tax to be withheld from wages for 2015 is $ 7,347 and the maximum Social Security portion of self - employment tax is $ 14,694.

This strategy potentially makes most sense if you have a relatively high proportion of your retirement savings in taxable accounts and a lower amount of Social Security, pension, or annuity income.

Survivor benefits are determined by the age an individual dies and the amount of Social Security credits they had accrued.

Many tax and spending provisions (like the tax bracket thresholds and the amounts of Social Security benefits) are indexed to ensure their value keeps pace with inflation.

Not exact matches

Fortune ran numbers to calculate how much extra revenue the U.S. would need to raise, over the next decade, if it lowered the rate of growth in Social Security by one percentage point, reduced increases in Medicare, Medicaid, and other health care spending by a proportional amount, and held discretionary spending below growth in GDP (albeit from the higher base established by the new laws).

Instead of spending tax dollars on programs such as welfare, food stamps, Medicare and Social Security for some of the population, give an equal amount to everyone and be done with it.

Atherton also advises couples with pensions to delay taking Social Security until age 70, as most of these couples don't actually need the funds right away and their Social Security amount will increase 8 % each year they wait.

To stress - test your budget, he suggested practicing living off an amount equal to your guaranteed sources of retirement income for at least six months, including pensions, Social Security, annuities or — for the lucky few — trust funds.

The report indicates that the amount of people who had Social Security benefits garnished to offset a loan increased five-fold.

That amount plus my pension, my 401k RMD, My wife's 401k RMD, my wife's pension, my social security, and my wife's social security have put us right up against the top of the 25 % tax bracket.

One of the things that appeals to me the most about this Cash Reserve method is that the amount of stock assets I have in my portfolio is determined not by some arbitrary percentage, but, instead, by how much I income I spend each month after taking Social Security benefits and pension income into account.

In a nutshell, the Social Security earnings test sets limits to the amount of money individuals who have not yet reached full retirement age can earn while simultaneously collecting a Social Security retirement benefit.

For most people with less than $ 1 million at retirement, Social Security will represent 66 percent to 80 percent of retirement income, and, again, that is a guaranteed, predictable monthly amount.

Even if you die after receiving just one Social Security retirement check — far less than you've paid in — you can't designate an additional amount to be paid to heirs of your choosing at your death.

The required amount to retire is assumed to be 80 % of final working - year income, less Social Security income, for a life expectancy of 84.

Additionally, remember that Social Security is derived using the income you earned (indexed for inflation) and the amount of years you worked.

However, your Social Security spousal benefits are limited to 50 % or less of your spouse's primary insurance amount, depending on your age when you claim them.