Social Security income is taxed the same for both retirement and disability benefits. Determining how much tax one pays on Social Security income is done with a formula which provides some great tax planning opportunities. You have to understand that when Social Security first started out all retirement income benefits
If you decide to take Social Security retirement income before you reach Full Retirement Age and you plan to continue working, you will want to understand the Social Security Earnings Test. This Earnings Test impacts your benefits AND the benefits of your beneficiaries (like spouses and children) who receive benefits
Social Security retirement income provides a lifetime income and has tax, inflation and survivorship benefits no other income stream has available. Social Security performs well under all economic conditions but it performs best at times when investment portfolios may perform worst These are during periods of high inflation, high tax
Taking it early means cash flow now while delaying can provide you with higher future income benefits. For an individual with no dependents the decision is less cumbersome than it is for a couple but still there are a number of factors to consider. Generally, the three main factors one needs to consider when
When making decisions regarding Social Security retirement income, couples not only need to consider life expectancy and break-even analysis, which is complex enough on their own, but they also need to consider how their benefits are shared between themselves along with potential survivorship benefits. Couples have more factors to consider than a single individual
The factors you should be looking at when considering how long it will take you to break-even when you wait to take Social Security retirement are more involved than you may think. First of all, the decision of whether or not to take social security benefits as early as possible,
The Social Security system is set up so that eligible workers and the beneficiaries of deceased eligible workers can start taking Social Security Benefits as early as age 62; age 60 for a spouse of a deceased worker. This can sound like a good idea, but what are the
Are you wondering about the future of Social Security and whether or not it will be there for you when it is time to start receiving your Social Security Retirement Benefits? The future of social security has been one hot topic for years. I remember when I was just starting
What are the benefits of waiting past full retirement age to start taking Social Security retirement income? The year you were born determines when you are considered to reach full retirement age for Social Security purposes. At full retirement age you are eligible for 100% of your primary insurance benefit.
