Jan 20, 7:55 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Dan Caplinger 01/20/19 AT 7:30 PM Tax season is about to start, and many taxpayers hope that new tax reform laws will help them pay less in tax this year than in the past. In particular, retirees who rely on Social Security to supplement their savings and provide them with a regular source of income are looking forward to any break they can get from the IRS.However, one thing that Social Security recipients need to understand as they prepare their returns for the 2018 tax year is that they may have to include some of their benefits as income on their tax returns. Even though the laws governing taxation of Social Security benefits have been on the books for decades, that fact comes as a shock to retirees each and every year, and the structure of the tax seems to snare more and more people every year.Who has to include Social Security on their tax … [Read more...] about Do I Have To Put Social Security On My Tax Return?
2017 social security limit
Sections SEARCH Skip to content Skip to site index Business Log In Subscribe Log In Today’s Paper Business | Have a Social Security Question? Please Hold Supported by Retiring ByMark Miller Nov. 21, 2018 When Brenda Holt learned that the federal government planned to close her local Social Security office, she swung into action. That field office in Quincy, Fla., served Gadsden County in the state’s panhandle, where Ms. Holt is a commissioner; closing the office would force residents who needed help managing their benefits to travel 25 miles to Tallahassee. “We are a rural community with many seniors and a very high poverty rate, and this really angered a lot of us,” Ms. Holt said. “We really felt like our community was being dishonored.” Along with other community leaders, Ms. Holt mounted a campaign to save the office, proposing ways to the Social Security Administration to … [Read more...] about Have a Social Security Question? Please Hold
WASHINGTON — An unexpected weakening in the finances of Social Security and Medicare has raised concern about the bedrock programs for the middle class. The problems may only keep getting worse in a time of political tension and deep partisan divisions. Here are some questions and answers on an issue that ultimately will affect every American family and isn't going away: WHAT'S NEW? The government's annual Trustees Reports on the programs shows the financial condition of both worsening significantly since last year. The projected insolvency for Social Security stayed unchanged — in 2034 — but Medicare's moved three years closer, to 2026. A more immediate warning signal caught the eye of experts. Both programs will start tapping their reserves this year, meaning that income from payroll taxes and interest earned by the Social Security and Medicare trust funds will no longer cover costs. That threshold was still a few years away in the 2017 checkup. "The near-term … [Read more...] about Should you be worried about Social Security and Medicare?
Published May 11, 2018 Markets Motley Fool Facebook Twitter Comments Print In 2017, U.S. retirees received an average of $1,404 a month in Social Security benefits, which -- in the context of all our recurring expenses -- isn't really a lot of money. But while the government has a fixed formula for determining our monthly Social Security benefits, you may have more control over the size of your checks than you think. Here are five things you can do to maximize your benefits. Continue Reading Below 1. Don't file for benefits until at least your full retirement age Retiring early can be tempting, and many people choose to start taking their Social Security benefits at 62, which is the earliest age you can do so. But working until what the government considers your full retirement age (FRA) will significantly boost the size of your monthly checks. For people born in 1955, FRA is 66 years and two months. Anyone born after 1960 will have to work until 67 … [Read more...] about 5 Ways to Maximize Your Social Security Payments
Published May 11, 2018 Markets Motley Fool Facebook Twitter Comments Print Few, if any, social programs bear the same importance as Social Security to the American public. Each and every month, some 62 million people receives a benefit from the program, 42.8 million of whom are retired workers. Of these retirees, more than three out of five are dependent on their monthly payout from Social Security to account for at least half of their income. In other words, senior poverty rates would probably skyrocket without the guaranteed monthly benefit that Social Security provides eligible retired workers. But there's a problem with America's leading social program: The current payout schedule isn't sustainable. Continue Reading Below What's wrong with Social Security? According to the Social Security Board of Trustees' 2017 report, released last summer, the program will undergo a major shift in 2022 that'll see it pay out more in benefits than it's generating … [Read more...] about The Flaw in Democrats’ and Republicans’ Primary Fixes for Social Security