After paying FICA taxes your entire life, it may shock you to learn you owe taxes on Social Security income. Here are three things to know.
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Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.
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What a scam! The social security tax table, has never been adjusted for inflation. A COLA increase is always below real inflation.
there is no trust(or lock box as clinton calls it) the criminals spend fica taxes as fast as it comes in.
they triple tax you..figure it out..fricking thieves.
In my 70s have not given the government any taxes in many years because I'm in a low tax bracket
Well, there is no trust fund. Currently paying out 20 cents of every dollar as
borrowed money. Yes, not enough people working/paying the tax.
This is AKA a Ponzi scheme. Age increase to start collecting is the NEXT
anticipated change. comment please
Here’s subject for you. Hubs and I retired and started drawing SS at 62. The first year of retirement he was able to cash in some stock options that he earned several years before retiring. During the 2nd year of retirement SS called the stock “wages” so they initiated a penalty on the amount over $19k (don’t recall the actual number but you probably know it.) We called SS and they mentioned that it might not be chargeable, and to research and appeal. Sure enough, “bonuses” earned in years prior to taking SS aren’t considered as the penalty wages. So glad we inquired about it, the sum was significant.
I worked for 44 years And I still have to pay tax Do retirees should not have to pay tax Because we did our time I'm 66 You're old that's ridiculous.
Social security was a scam from the very beginning when it came into being in August 14, 1935. At that time, the minimum age for retirement payout was 65 years old. However, the average life expectancy in 1935 for men was 61.7 and 65.1 for women and most women did not work fulltime. The life expectancy dropped 4 years straight from 1935 to 1940 and for men it did not exceed 65 until 1949.
I didn't find this video helpful. I found it disturbing. Social security trust? You do realize that when social security was formed we were told that it wouldn't be touched. They lied, and every so often we keep getting told that social security will be out of funds by the time we retire. That's why they want you to work until 70. They figure you'll die prior, or soon after starting to collect. Now you're saying 85% is taxable, and they calculate this by including untaxable income. We the people did not approve this scam.
BIG Government = BIGTaxes
Progressive tax does not mean "the more you make, the more you pay". That would also be true of a flat tax. Progressive taxation means that the more you make the higher rate you pay.
Taxes on social security? Not seems like double taxing, IT IS DOUBLE TAXING!
Is VA disability payment considered non taxable income for SS tax?
Nicely done. Short, clear and to the point. Thanks.
Chock full of information. Hope you can elaborate on Roth Conversion strategies
Will my Roth 401(k) and Roth IRA account be subject to income tax if I wait until I’m 67 to collect Social Security ?
They haven’t raised the darn $44K in the past 20 years. Why ??????
what if social security is your only income?
The government is screwing us any way they can.
Would love to have seen some examples and what to look out for in the way of errors that will cost you more taxes.
What a croc of shit the system is
In other words, the SSA is the loan shark in this arrangement. The income tax collected on the benefits is their "vig". It's utterly shameful that our government takes 12.4% of our income to put it in an account for our retirement and then does everything it can to reduce our benefit and then tax it as income.