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Social Security Taxes: IRS Claims $48.6 Billion in 2022 – Your Potential Impact Revealed

WASHINGTON, D.C. – The IRS collected a staggering $48.6 billion in Social Security benefit taxes in 2022, highlighting the substantial amount of money being withheld from retirees’ benefits. The magnitude of this figure raises concerns among Americans as they navigate their financial plans for retirement. These taxes are a result of the IRS’ practice of taxing Social Security benefits when a taxpayer’s income exceeds a certain threshold. As a result, beneficiaries may see a portion …

Tax Season: How Social Security Benefit Taxes Could Impact Your Finances in 2023

Washington, D.C. – Social Security, a vital source of retirement income for millions of Americans, is funded by three main sources. The largest of these sources is the payroll taxes paid by workers on their annual incomes, which generated over $1.1 trillion in 2022. Additionally, interest on invested trust fund asset reserves contributed $66.4 billion to the program’s income. The remaining $48.6 billion, only 4% of Social Security’s total income, came from taxing the benefits …

Seniors in Missouri and Nebraska Save Money as States End Social Security Benefit Taxes

JEFFERSON CITY, Missouri – Missouri and Nebraska residents had reason to celebrate on January 1, 2024, as both states officially put an end to taxing Social Security benefits. This move leaves only 10 states in the US that still impose taxes on the Social Security income of their senior citizens. If you happen to reside in one of these 10 states, it’s crucial to understand the implications of state taxes on your Social Security benefits …

Here Is Why Estate Planning Is Essential To Retirement

Estate planning is the process of arranging and preparing for the distribution of a person’s assets and property after their death. It involves creating a plan to manage and distribute a person’s assets to ensure their wishes are carried out, minimize taxes and probate costs, and provide for their loved ones.

Americans Facing Increased Federal Taxes on Social Security Benefits, Democrat Introduces Bill for Relief

St. Paul, MN – More American retirees could find themselves facing federal taxes on their Social Security benefits this year, resulting in a significant reduction in their monthly checks. The Senior Citizens League has reported an increase in the number of retirees affected by these taxes, potentially impacting their financial well-being. In response to this issue, U.S. Representative Angie Craig, a Democrat representing the second district of Minnesota, has introduced a bill aimed at eliminating …

Here Are Three Reasons Why Your Retirement Income May Be Lower Than Expected

When planning and preparing for retirement, estimating how much money you will need to maintain your desired lifestyle seems crucial. Thus, you might choose a strategy that enables you to reach your financial objectives.

Here Is How A Part-Time Job Might Affect The Income Of A Retiree

Obtaining a second job to supplement income might have unexpected surprises. Seniors in the United States face a double whammy. Inflation has diminished their purchasing power, and this past year’s terrible stock market has significantly diminished their retirement savings. Since the beginning of the year, individual retirement savings and 401(k)s have lost a total of $3,3 trillion in value, according to the Boston College Center for Retirement Research.

Here Are 5 Tax-Smart Strategies For Charitable Giving For Retirees

There is still time to do well by doing good this year, and there are still tax benefits available to retirees who make charitable contributions. Act quickly, though!

There is usually a year-end interest in donating to charity; this motivation does not always disappear upon retirement. Let’s discuss some tax-intelligent ways for charitable contributions by retirees.

Social Security Taxes and Retirement: Personal Experience and Advice for Maximizing Benefits

Phoenix, Arizona – Many American taxpayers reach the full retirement age of 67 and choose to start drawing Social Security benefits while continuing to work. This decision often results in paying taxes on a portion of the benefits received, but for some, it is a calculated move to maintain financial stability while enjoying the benefits of retirement. For one individual who retired from a full-time job in 2021, the decision to draw Social Security benefits …