Living happily in retirement means crafting a spending plan to support your lifestyle. To do that, you’ll need to think about how you plan to live in retirement. Not just now, but for the long term too. That could involve a plan to spend more early in your retirement.
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Category: Social Security
Social Security is a significant portion of most retirees total income. In fact, about a third of retirees get 90% of their income from Social Security. Such an important component of your income deserves some attention. In this article you will learn how your benefit is calculated so that you can get an idea of what you will qualify for when you file.
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Is Social Security Going Broke? More importantly, will YOU be able to collect Social Security benefits when you retire? Well, to quote the 42nd President of the United States, that depends on what the meaning of the word is… is.
That’s right. I said it. The point I want to make here is that there is a significant degree of confusion and misinformation regarding Social Security funding.
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Yes, but with a nod to Paul Harvey, there is a “rest of the story”. It isn’t as simple as adding your benefit check to your taxable income and paying taxes at your marginal rate.
Social Security retirement benefits are an important part of retirement. For about 62% of retirees, Social Security represents at least half of their total retirement income. That is a significant amount. Further, the demise of Social Security is largely over-hyped.
Clearly, it is important to understand how Social Security benefits are taxed.
Some retirees are surprised to learn that Social Security benefits are taxed in the first place. Even for those who aren’t surprised, understanding how they are taxed is a separate matter.
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