SS benefits are taxable, if benefits and other income exceed certain income levels.
25,000 single.
32,000 married joint.
Not indexed for inflation.
Add half your SS benefit to your other income, if the total exceeds these threshold amounts, SS is taxable.
How much it exceeds these levels determines how much of your benefit is taxable.
Max taxable is 85%. Easily reached with 1980’s threshold amounts.
So basically, anybody with a modest pension or anybody that has saved for retirement on their own can expect a good portion of their SS income, which is THEIR money, STOLEN from their paycheck, to be taxable. I have to admit that I hadn’t looked into that situation in the past, but I will be soon.
thanx for the reminders...
my wife and i accounted for this and had taxes taken out of both our SS checks.
I’m retired and she’ll supposedly be retired the end of this month.
so we’ll be able to adios all the taxes from my check and most of the taxes from her check.
another good thing is, there’s no state taxes on retirement and SS benefits in our state.
as of 2022
https://www.irs.gov/newsroom/irs-reminds-taxpayers-their-social-security-benefits-may-be-taxable