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Trump’s tax returns show no Social Security benefit income. Here’s what retirees can learn about claiming
CNBC ^ | Jan 6 ‘23 | Lorie Konish

Posted on 01/21/2023 9:01:16 AM PST by 6thavenue

KEY POINTS The former president seems to have foregone Social Security benefit income. Here’s why you may not want to employ that strategy for yourself.

(Excerpt) Read more at cnbc.com ...


TOPICS: Government
KEYWORDS: ss; trumptaxreturns
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To: Mouton

True that, especially starting with the first factor - wage limit will be removed on the collection of the tax.

But remember, in addition to the “greedy employee”, it will also impact the “greedy companies” who must pay their half of the tax. Depending on the greasing of the palms and dinner/political sex parties for Congressional members hosted by companies ... maybe there will be a significant jump in the wage limit (to say $500,000), before “no wage limit” is ever broached. The frog has to have the heat of the pot increased in increments else it will jump out.


41 posted on 01/21/2023 10:50:17 AM PST by Susquehanna Patriot ( )
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To: Susquehanna Patriot

I never understood the cap on the tax. If you want to keep it solvent, you don’t cap the salary tax. You cap the benefits.


42 posted on 01/21/2023 10:52:31 AM PST by Vermont Lt
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To: JBW1949

“My guess is that he has never filed for SS benefits...”

A rich doctor friend that I know simply NEVER entered the system. So he never paid a dime into SS...and, of course, he will never get a dime out of it. Oh, did I mention, he’s a DOCTOR (surgeon, to be exact).

But things are different these days...thanks to all of the Illegals, the feds require an SS if you want the ‘benefits’ of having a kid...so they’re all hosed, even before being weaned.


43 posted on 01/21/2023 11:02:09 AM PST by BobL
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To: PGR88

Excellent points.


44 posted on 01/21/2023 11:07:43 AM PST by GOPJ ( https://www.youtube.com/watch?v=muw22wTePqQ Gumballs: Immigrants by the numbers.)
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To: maro

They have cut my check twice so YES I know. The first cut ended and the second began. I have the letters from the IRS. In them, the possible reasons why my benefit was lowered are listed but doesn’t say which reason was used in my case.

The “you may have had a large capital gain” reason is the only one that fits me in both cases.


45 posted on 01/21/2023 11:29:13 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: PGR88

And the end result is that it is now legitimate to obtain and expose others tax returns. Republicans, use this power!


46 posted on 01/21/2023 11:32:05 AM PST by 17th Miss Regt
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To: Jeff Chandler
Here’s why you may not want to employ that strategy for yourself: You are not wealthy.

Yes, silly article. The max Social Security benefit one can receive today is around $3,600/mo. That would be after decades of six figure incomes. The average person gets more around $2,000 - $2,500 a month.

To a billionaire like Trump, this would be like picking a penny off the sidewalk. Why bother?

47 posted on 01/21/2023 11:36:55 AM PST by SamAdams76 (4,818,034 Truth | 87,745,895 Twitter)
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To: SamAdams76

The average Social Security benefit amount is:

$1,553.68 per month


48 posted on 01/21/2023 11:38:58 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: PGR88
You can tell that had Trump claimed his Social Security benefits, which by the way is his right, the Trump haters would have had a field day with this.

We are now weeks since the release of Trump's pristine tax returns and there is nothing there. This is a big kick in the stomach to the Trump-haters, who were waiting for years to get their hands on Trump's tax returns.

49 posted on 01/21/2023 11:39:38 AM PST by SamAdams76 (4,818,034 Truth | 87,745,895 Twitter)
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To: SaxxonWoods
I was more referring to somebody who just started claiming today. You are correct however, if you include all those who started collecting Social Security benefits 20 and more years ago, the average is more around $1,500/mo.

My wife just turned 62 and is eligible for about $2,700/mo but I'm having her hold off as I'm still working and so we just don't need that just yet. If I can hold off retirement until I'm 67 (FRA), the both of us will combine for about $70K a year in SSA benefits alone. Drawing from our 401k and IRAs will be gravy at that point.

50 posted on 01/21/2023 11:46:27 AM PST by SamAdams76 (4,818,034 Truth | 87,745,895 Twitter)
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To: SamAdams76

Fantastic, great work on your part, and I hope people realize that doesn’t happen overnight I took mine at 66.5 about 7 years ago, wife is younger but is about to turn 67 and we haven’t taken hers yet, it will just add to our regular income, raising our taxes and we don’t need the income. We make more than we spend in retirement because we have never had that need to buy, buy, buy all the time (unless it’s a great piece of real estate or a carried mortgage.). Also, I’m pretty experienced at making easy low or non-taxed money with low risk.

That benefit figure I quoted was gotten by asking Google: “What is the current average Social Security benefit payment.”

That should be the average amount being sent out right now to everyone of any age who is currently collecting.


51 posted on 01/21/2023 11:59:47 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: Owen
Forget full retirement age. Between 62 and 70 your monthly payout will double (plus CPI increases). This is about 8% increase per year guaranteed. If you expect to live past 81-82 you’ll come out ahead. If you live to 90 or more you’ll be way ahead.

This assumes the government keeps paying and you have good health.

52 posted on 01/21/2023 12:40:49 PM PST by The Truth Will Make You Free
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To: Owen
Forget full retirement age. Between 62 and 70 your monthly payout will double (plus CPI increases). This is about 8% increase per year guaranteed. If you expect to live past 81-82 you’ll come out ahead. If you live to 90 or more you’ll be way ahead.

This assumes the government keeps paying and you have good health.

53 posted on 01/21/2023 12:40:51 PM PST by The Truth Will Make You Free
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To: Owen
Forget full retirement age. Between 62 and 70 your monthly payout will double (plus CPI increases). This is about 8% increase per year guaranteed. If you expect to live past 81-82 you’ll come out ahead. If you live to 90 or more you’ll be way ahead.

This assumes the government keeps paying and you have good health.

54 posted on 01/21/2023 12:40:53 PM PST by The Truth Will Make You Free
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To: oldguy1776

What moral high ground do you think Trump is winning here??


A useless troll like yourself would never understand.


55 posted on 01/21/2023 12:43:20 PM PST by nesnah (Infringe - act so as to limit or undermine [something]; encroach on)
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To: TribalPrincess2U

For the life of me, I can’t think of a single policy, program or proposal issued by Democrats that is in any way beneficial or productive for Americans, America or any other living being.


56 posted on 01/21/2023 12:54:56 PM PST by Howie66 (Let's Go Brandon!!)
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To: JBW1949

“ My guess is that he has never filed for SS benefits...”
*************************************************

Yep, actually applying for the benefits is prerequisite.


57 posted on 01/21/2023 12:57:27 PM PST by House Atreides (I’m now ULTRA-MAGA. -PRO-MAX)
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To: Jeff Chandler

If you dont file for medicare you cannot have SS benefits.

If you are wealthy you do not want medicare, you self insure.

Then you can have the healthcare you want with the people you want. No medicare strainer.


58 posted on 01/21/2023 1:04:07 PM PST by Chickensoup (Genocide is here. Leftist extremists are spearhheading the Genocide against conservatives. )
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To: BobL

the only people in the UNITED STATES that I know of who do not participate in SS are the Amish.

by religous objection

All others must participate whethere you choose to collect or not.

Dick Armey Did a lot of work on this issue about 10 years ago.


59 posted on 01/21/2023 1:08:01 PM PST by Chickensoup (Genocide is here. Leftist extremists are spearhheading the Genocide against conservatives. )
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To: Chickensoup

“All others must participate whethere you choose to collect or not.”

My doctor friend is about 70 years old and he DEFINITELY was not a player in SS. But it did mean that he could not get a job as someone else’s employee - but he could work for himself - which he did.

But, again, they’ve pretty much locked that out with SS Numbers now being assigned at birth if the parents want any of the ‘benefits’ from Uncle Sam.


60 posted on 01/21/2023 1:12:02 PM PST by BobL
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