Not indexing for inflation is the evil part - well, one of the evil parts. I mean, $25k was a really nice retirement income back in 1980 or so - now, it’s about enough to pay for groceries and part of the utility bills. Ok, maybe a little more than that, but if you have any kind of rent, then it really, really sucks.
Ok, maybe a little more than that, but if you have any kind of rent, then it really, really sucks.
After your husband dies, you take a job at the local high school and make 24,000. You get a like amount from your husbands SS.
12,000 would be taxable. (roughly)
The high school doesn’t withhold enough to cover income it knows nothing about. You pay every year.
Not big numbers in the example but huge when there’s millions of people caught up in it.