Sentences with phrase «of social security income»

When some of your clients» assets are only partially - taxable, or even income tax - free, they can plan around income tax limits and thresholds, such as the taxation of Social Security income, and the impact of their income on Medicare Part B premiums.

Deferral of Social Security income, say from age 62 to age 70, has a similar effect on payouts as in a deferred income annuity (another name for longevity insurance); mortality credits can accrue during this deferral period, say from 62 to 70.

If you have income from other sources besides Social Security, it is possible that a portion of your Social Security income will be taxable.

Add half of your Social Security income to all of your other income, including non-taxable interest and other excluded income.

That's because not only do you pay tax on what you take out of a traditional IRA or 401 (k), but you also cause more of your Social Security income to be taxed as well.

One example is the potential to exclude most, if not all, of your Social Security income from income taxation during your retirement years.

If your money is all in a traditional IRA or pension, your extra income can make your social security taxable — up to 85 % of your Social Security income can be taxed.

The current tax code calls for a portion of Social Security income to be taxed when other income is earned.

However, some married taxpayers who file separate tax returns may have to pay tax on up to 85 percent of their Social Security income.

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.

If your income is very high, additional income won't cause you to pay tax on a greater portion of your Social Security income because you're already at the maximum.

If you have the entirety of your retirement income coming from taxable sources such as traditional IRAs, annuities, 403 (b) plans and traditional pensions, you could inadvertently push yourself into a higher tax bracket and render a portion of your social security income taxable.

If your total income was low enough, you may not need to pay federal taxes on any of your Social Security income.

Yes, the retiree would not pay tax directly on $ 1 of tax - free income but might have to pay taxes on $.50 or $.85 of social security income, so indirectly it wouldn't really be tax - free income.

Between 50 and 85 percent of your annual benefit is taxable when the sum of one - half of your Social Security income, plus income from other sources is more than $ 25,000 — or $ 32,000 if you're married and file a joint return; or $ 0 if you file separately from your spouse.

In the same way that inflation eats away at the value of your Social Security income, the purchasing power of your savings and investments are also constantly being eroded.

Not exact matches

You can estimate your longevity using online calculators, such as the ones from the Social Security Administration (which simply asks your gender and date of birth), Living to 100 and financial services firm Blueprint Income (which factors in other details including your weight and how much you exercise and drink alcohol).

Whenever you receive Social Security, up to 85 percent of it could be subject to federal income tax depending on your modified adjusted gross income, or MAGI.

That is, if you're buying a pair of sneakers online, there is no reason that a business should be asking for your birth date, social security number, annual income, copies of your ID or credit card, and so on (you'd be surprised by how many online businesses ask for these things).

In its simplest and least expensive form (often called a «simple income annuity»), an annuity gets you a potentially riskless stream of income: You give an insurer a lump sum, and in exchange you get a lifetime of payouts, akin to Social Security checks.

So, high - earning households spend significantly more of their income on Social Security — which is automatically deducted from all earned income for individuals at a rate of 6.2 % — and payments into retirement plans.

A former employee of Tufts Health Plan pleaded guilty to stealing names, birth dates and social security numbers that were eventually used to collect social security benefits and fraudulent income tax refunds.

David Reyes is founder of Reyes Financial Architecture of La Jolla, Calif., a Registered Investment Advisory firm that acts as a fiduciary and specializes in portfolio risk management strategies, retirement income distribution and Social Security planning.

Social Security accounts for the lion's share of this category — 67 %, or $ 11,879 of the $ 17,699 for the high - income households.

As an advisor with a traditional wealth management firm, Ahluwalia witnessed a burgeoning need, which led him to co-found National Social Security Partners, a national network of advisors that provide outsourced Social Security income - maximization planning to clients of CPAs, law firms and banks.

But because your Social Security benefits are based on your top 35 years of earnings, it is possible that higher income in later years can help boost your benefits, he said.

Because Social Security benefits are based on your past 35 years of earning, it is important to return to work if possible to offset past low - income years.

A. Self - employed persons pay social security and Medicare taxes for themselves as part of their income tax.

That makes inflation even more painful for seniors, since 22 percent of elderly married couples and about 47 percent of elderly unmarried people count on Social Security benefits for 90 percent or more of their income.

Then, figure out how much of your spending will be covered by guaranteed income from Social Security, pensions or annuities.

Watch out for: LLC members can't distinguish between income earned as salary and passive investment income, so profits are subject to Social Security and Medicare taxes on top of income taxes.

Social Security is expected to be a major source of retirement income for baby boomers, 50 million of whom will turn 65 in the next 10 years.

If you're like many retirees, your Social Security checks will account for a large portion of your retirement income.

In May, Soupman's former chief financial officer, Robert Bertrand, was indicted for tax evasion after being charged with 20 counts of failing to pay Medicare, Social Security and federal income taxes.

To that point, 69 percent of baby boomers — a generation of individuals who are either in or approaching retirement — expect Social Security to be a «major» source of retirement income, according to a new report released this month by the Insured Retirement Institute.

Social Security was never meant to be your sole source of income in retirement.

(By Social Security Administration estimates, that benefit represents at least 90 percent of income for 23 percent of married couples and 43 percent of single individuals.)

You could keep working, which offers the quadruple advantages of continued income and additional opportunities to add to and grow retirement savings, while letting your Social Security benefit increase and potentially replacing a zero - or low - income year in your record.

Right now, the human worker who does, say, $ 50,000 worth of work in a factory, that income is taxed and you get income tax, social security tax, all those things.

«Over the course of a 25 - or 30 - year retirement, it reduces anticipated Social Security income by tens of thousands of dollars.»

Although Sanders and his wife's joint tax return showed income of only a little more than $ 200,000 for 2014 — including his $ 174,000 salary, his mayoral pension, and their Social Security payments — the senator's expected retirement benefits make his situation much more comparable to those in the millionaire class he faults.

But a handful of little - known Social Security secrets could help ensure a boost in your retirement income.

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.

Think about keeping track of citizens, redistribution of income, healthcare insurance, welfare, and social security.

[10] Examples of money income — sometimes referred to as «cash income» — include: wages and salaries; income from dividends; earnings from self - employment; rental income; child support and alimony payments; Social Security, disability, and unemployment benefits; cash welfare assistance; and pensions and other retirement income.

Social Security provides most of the income for about half of households age 65 and older.

Payroll tax is usually calculated as a percentage of total employee salaries and is used by the government to pay for things like income tax, MediCare and Social Security.

Instead of financing Social Security and Medicare out of progressive taxes levied on the highest income brackets — mainly the FIRE sector — the dream of privatizing these entitlement programs is to turn this tax surplus over to financial managers to bid up stock and bond prices, much as pension - fund capitalism did from the 1960s onward.

Just provide documentation of a guaranteed income of $ 1,000 a month from a government agency (that is, Social Security, disability, armed forces, and the like) or corporation.