Considerations

Social Security Spousal Benefits: Three Important Considerations for Retirees

Chicago, Illinois: Social Security has long been a crucial program for providing income to millions of Americans in their retirement. While it is typically tied to individuals who have worked and paid taxes, it also offers spousal benefits to support non-working or low-earning spouses. Here are three important considerations for couples nearing or in retirement when it comes to Social Security spousal benefits. First and foremost, Social Security calculates a recipient’s monthly benefits using a …

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Tax Refunds in 2024: Key Considerations for Social Security Beneficiaries

Tax season is in full swing in the United States, with the IRS processing millions of tax returns and issuing billions of dollars in refunds. For individuals receiving Social Security benefits, filing a tax return may not be a top priority if not required. However, there are benefits to consider, as tax refunds could be on the horizon for some. Factors such as age, marital status, and other sources of income aside from Social Security …

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Income Tax Considerations for Social Security Recipients in 2024: What You Need to Know

Atlanta, Georgia – Planning for retirement involves careful consideration of various factors, including taxes on Social Security benefits. Approximately 40% of Social Security recipients end up paying federal income taxes on their benefits, depending on their total income for the year. While FICA taxes are deducted from paychecks during working years to fund Social Security and Medicare, the taxation of benefits post-retirement remains a crucial issue. Determining whether you owe taxes on your Social Security …

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