Social Security and Taxes

Social Security and Retirement

If you are in retirement or will be thinking about retiring soon then you need to read this short article. 

Many people are continuing to work even if they have started drawing their social security benefits. The only issue you have to be aware of is how much income you can make while on social security. There are income limits as you know. There is a misconception out there that once you start taking your benefits and you have reached full retirement age. Those benefits are no longer taxable. You may still need to have federal and state taxes taken out especially if you are working full-time and exceeding the income limits. 

Unfortunately, social security does not explain this very well to people and often seniors are caught owing in taxes, because their social security benefits become taxable due to them exceeding the income limits. 

Pro Tip: Have at least 7% of federal taxes withheld from social security income. 

A common thing we often see is garnishment of social security income. Yes, the IRS can garnish your social security wages for back taxes. It is very important to sit with an experienced retirement advisor or a social security advisor and work on a retirement plan. These benefits are great to have once you do reach your age of retirement. However, you want to be able to maximize your benefits. To learn more secrets about social security please consider reading this book. https://www.ilbookstore.com/social-security

We humans are living longer and now are facing possible income challenges due to living longer. If the cost of living in this country is troublesome for you. Consider doing some research on moving overseas to a more affordable country. This does not mean you have to give up your citizenship nor live there full-time (year-round). In today’s modern world more and more retirees are seeking cheaper places to live. I recommend one of my favorite reading sources for international travel. International Living Magazine.

Thanks again for stopping by and reading my blog. I hope you are learning something new and finding our short articles helpful. 

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