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Traditional IRA disbursements can affect social security in some pretty interesting ways. Learn about how traditional IRA disbursements affect social security with help from a longtime financial planner in this free video clip.
Expert: Karen Lee
Filmmaker: Edward Castner
Series Description: It’s never too early to start thinking about life insurance, retirement and other types of financial-related plans that are an absolute necessity in today’s world. Learn how to get the most for your dollar and plan for your future in the proper way with help from a longtime financial planner in this free video series….(read more)
LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
There is a section left out. The 25K includes 1/2 your Social Security payments. So in reality to get the 25K or 34K you can only have about 10K other income. https://www.ssa.gov/planners/taxes.htmlYour adjusted gross income
+ Nontaxable interest
+ ½ of your Social Security benefits
= Your "combined incomefile a federal tax return as an "individual" and your combined income* is between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. more than $34,000, up to 85 percent of your benefits may be taxable.
You need to make it clear that when you say 50% and 85% that you mean 50% or 85% of your SS benefits are included in taxable income not that they are taxed a 50% or 85%. Most people will be really confused at what you are saying. They will think that the tax rate on their SS will be 50% or 85%. The SS tax rate will be 5.35 percent, 7.05 percent, or 7.85 percent, depending on the total amount of taxable income( of the 50% or 85% included in taxable income) which is much less scarier.
wow nice to know. (: