Social Security Taxation How it Works in Retirement
In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Taylor discuss how social security taxation works for both single and married filing jointly. Other sources of income you have coming in determine the amount of your social security that will be taxed.
Listen in to learn the importance of understanding your sources of income, social security benefits, and how they\u2019ll be taxed, and have a long-term perspective. You will also learn why some people with low income in other areas can have their social security untaxed.
In this episode, find out:
\u25cf How a single person needs to think about social security and their other sources of income.
\u25cf Understanding the other sources of income that determine your social security taxability.
\u25cf A scenario on how married filing jointly social security is taxed as determined by income.
\u25cf Why some people with low income in other areas can have their social security untaxed.
\u25cf How your social security tax ranges differs when filing as a single person.
\u25cf How states differ from the federal government when it comes to social security taxation.
\u25cf The importance of understanding your sources of income and social security benefits taxation.
\u25cf The benefits of working with a financial advisor to help you take a long-term perspective.
\u25cf Taylor explains where to find your social security item on your tax returns.
Tweetable Quotes:
\u25cf \u201cThe amount of your social security that is reported on your tax return as taxable depends on what your other sources of income are; the more income you have from other sources, the more of your social security is going to be taxable.\u201d- Taylor Wolverton
\u25cf \u201cEvery state taxes social security a little bit differently; some may follow same rules as federal taxation while some states don\u2019t tax social security at all.\u201d- Taylor Wolverton
Resources:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.