Sentences with phrase «percent of your social security»

Plus, depending on your total income, up to 85 percent of your Social Security benefits could be subject to income taxes.

If you're married filing jointly and taking Social Security benefits, and you have between $ 32,000 and $ 44,000 in combined income, you may have to pay taxes on up to 50 percent of your Social Security benefits.

If half of your benefits plus your other income exceed $ 25,000 ($ 32,000 if married, filing a joint return), then 50 percent of your Social Security benefits are taxable.

Currently, about 8 percent of Social Security beneficiaries age 62 and older live in poverty, and 13 percent of beneficiaries have incomes less than 125 percent of the poverty line.

If you file as an individual and your combined income is between $ 25,000 and $ 34,000, you might have to pay taxes on up to 50 percent of your Social Security benefits.

Make more than $ 44,000, and you might be taxed on up to 85 percent of your Social Security benefits.

This income from taxation of benefits made up about 3 percent of Social Security's income in 2016.

If you're married filing jointly and taking Social Security benefits, and you have between $ 32,000 and $ 44,000 in combined income, you may have to pay taxes on up to 50 percent of your Social Security benefits.

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

Older borrowers had a typical monthly offset that was slightly more than $ 140, and almost half of them were subject to the maximum possible reduction, equivalent to 15 percent of their Social Security benefit.

Not exact matches

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.

Rodriguez's Social Security - related activities now comprise 30 percent of his practice — and that percentage is growing.

(Per Social Security Administration data, 28 percent of final medical denials in 2013 were because the impairment was considered «not severe,» and another 31 percent because the applicant was still considered able to do other kinds of work.)

About 35 percent of those attendees become paying clients for Social Security consultations, and some convert to full - fledged clients of his regular financial advising firm.

«As an industry, we completely missed the boat because Social Security is the main asset for 99 percent of Americans,» said William Meyer, CEO of Social Security Solutions and co-creator of the widely used Social Security Analyzer software.

Social Security's guaranteed compounding behavior from the earliest claiming age (62) to the latest (70) results in a benefit guaranteed to be 76 percent higher, said Ash Ahluwalia, CFP, founder of National Social Security Partners, and this notion can impact other portfolio decisions.

Based on projected balances in 2050, 39 percent of workers would have accounts large enough to delay claiming Social Security by at least one year.

That's the conclusion of a report released Monday from IT security company Sophos, which found that the number of firms suffering attacks through social media jumped 70 percent between 2008 and 2009.

Perhaps the fear of Web 2.0 isn't that surprising when you consider that a similar survey from IT security company Sophos earlier this year found that the number of firms suffering attacks through social media jumped 70 percent between 2008 and 2009.

In 2013, the most recent year for which data are available, the government reports roughly 37 percent of men and 42 percent of women claimed Social Security at age 62.

At the Federal Reserve's target rate of 2 percent, inflation could erode more than $ 73,000 of a retiree's purchasing power over 20 years if that person were receiving the monthly average Social Security retirement payment of $ 1,341.

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.

And 30 percent of veterans surveyed were unaware they could claim Social Security and military retirement at the same time.

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.

In 2016, just 4.6 percent of women and 2.9 percent of men first claiming Social Security benefits were age 70 or older, according to the latest data from the Social Security Administration.

(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.)

Entrepreneurs must pay self - employment taxes, which include payments toward Social Security, of 15.3 percent.

What makes this law firm attractive to those thinking of retiring is that workers receive a retirement contribution of 7.3 percent of pay plus nearly 6 percent of any pay above the Social Security wage base.

For example, the Social Security Administration expects 33 percent of the its own workforce, including 48 percent of its supervisors, to be eligible to retire in 2015.

Rounding out the top five was Yahoo, which has had its share of security breaches lately, at 58 percent, Facebook at 53 percent and South Korean social giant Kakao at 50 percent.

To reduce Social Security's projected funding shortfall, the commission would increase the taxable wage base by 2050 to include 90 percent of earnings, to increase the full - and early - retirement ages to 69 and 64 respectively by 2075, to cover newly hired state and local workers after 2020, and to create a hardship exemption allowing those who can not work past age 62 to receive benefits early.

Social Security is only intended to replace 40 percent of an average retiree's salary.

According to the Social Security Administration, benefits are only intended to replace about 40 percent of your income.

Maybe 15 percent of your income is taken right off the paycheck by the FICA [Federal Insurance Contributions Act] for Social Security and essentially pre-saving for Social Security medical care (which provides the government with enough money to cut taxes on the higher brackets.)

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.

If you're self - employed, you're really hosed because you are responsible for the entire FICA tax rate of 15.3 % (12.4 percent Social Security plus 2.9 percent Medicare).

On its website, the SSA says, «Social Security replaces about 40 percent of an average wage earner's income after retiring, and most financial advisors say retirees will need 70 percent or more of pre-retirement earnings to live comfortably.»

CBO projects Social Security will grow from 4.9 percent of GDP in 2017 to 6 percent by 2027, federal health spending will grow from 5.4 percent to 6.9 percent, and interest will grow from 1.4 percent to 2.9 percent.

For about two - thirds of the elderly, Social Security is their major income source; for 36 percent, old - age benefits account for at least 90 percent of their income and these shares are even larger for minorities and for women.

«Using the» 4 percent rule» — drawing 4 percent annually from retirement savings — this level of savings, coupled with Social Security benefits, will probably meet all spending needs for the long duration of retirement,» Kruzel said.

Without Social Security income, and 42 percent of the elderly would be poor as opposed to 10 percent with the benefits.

According to latest data from the Bureau of Labor Statistics, the typical U.S. household now spends about 20 percent of their annual budget outlays on health care, personal insurance, life insurance, pension - like products and social security.

Under that scenario, Social Security, health care, and interest will be responsible for 77 percent of nominal spending growth.

[1] Another tax law, the Temporary Payroll Tax Cut Continuation Act of 2011, extended through 2012 a cut in employees» share of the payroll tax funding Social Security, from 6.2 percent to 4.2 percent.

According to a 2011 Pew Research Center poll, more than 40 percent of people aged 18 to 30 believe they will receive no retirement income from Social Security, even though Social Security receipts are estimated to equal about 75 percent of benefits on a sustainable basis under the current regime.5

Employers and employees each pay Social Security taxes equal to 6.2 percent of all employee earnings up to a cap ($ 127,200 for 2017 and indexed for wage growth) and Medicare taxes of 1.45 percent on all earnings with no cap.

Going forward, that means you'll need names, birth dates, Social Security numbers, home addresses and percent of ownership for anyone deemed a beneficial owner.

Here's another rule of thumb to consider: If you are drawing under 5 percent of your total retirement assets annually, and you haven't yet collected social security, you are likely trending toward a large surplus and should consider Roth IRA conversions to ease some Required Minimum Distribution and end - of - life tax issues.

Most employees pay 7.65 percent of their income into the Social Security system, the combined rate for both Social Security (representing 6.2 percent) and Medicare (1.45 percent).

-- Former Fed Governor Larry Lindsay: «Unfunded Social Security and Medicare / Medicaid liabilities when added together to US Federal debt take US obligations closer to 300 percent (of GDP) v. 100 percent, which is more than Greece's debt.»