Joe Biden's Social Security Earnings REVEALED! How do You Compare? 🤨

Discover Joe Biden's Social Security benefits and earnings in this video!

Unveiling the exact figures from his tax returns, we explore how you can leverage his insights to maximize your own retirement income. Gain expert knowledge on calculating your benefits, strategic claiming strategies, and taxation considerations.

As we dissect Joe Biden's Social Security Earnings, you'll learn the formula behind social security benefit calculations, including indexing your top 35 years of earnings and understanding the bend points system. Uncover the impact of early or delayed claiming, and explore lesser-known techniques to potentially increase your social security benefit amount.

Inspired by Joe Biden's tax return, Marvin Musick from Medicare School delves into the taxation aspect of Social Security benefits. Discover how provisional income affects the taxable portion of your benefits and explore strategies to minimize your tax liability. Empower yourself to make informed decisions and unlock the full potential of your own Social Security benefits.

Supercharge your financial future by learning from Joe Biden's example. Don't miss out on this exclusive opportunity to maximize your Social Security benefits and secure a comfortable retirement!

Don't miss out on this valuable information from Medicare School and Marvin Musick!

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#medicare #retirement #medicareschool #socialsecurity #medicaresupplement #retirementrealtalk #retiring

[debibrown]

People making as much money as him should never draw social security NEVER

[NoelLudvigson]

Millions of people are retired public employees like me. I'm surprised you didn't mention the Wind Fall Elimination Provision effecting those people.

[gailann]

🌟🤗🧡🌟 LoVE ‘Medicare School’ by Marvin Musick’s educational presentations! SUPER INFORMATIVE for everyone of any age. 🌟Learning how Social Security and Medicare systems/programs, all work.✨💫

[kutatm]

I thought members of Congress did not pay into SS?

[jimde]

I have a basic observation about his tax return. Line 4 is IRA Distributions. Being as he is 80 years old, shouldn't he have some RMD's from his IRA's? Or is it saying that he has no IRA's ? Find that hard to believe.

[youngtimer]

Doesn’t matter who you’re comparing to. Your own benefit is all that matters.

[JBoya]

Interesting number walkthrough. Also love that you are still using an HP calc. I will never give up my 11c. RPN forever

[gonzalotalamantes]

No, no, no. How can you get this wrong? So many do. You do not take the top 35 years of income and index. There is the SS Base Wage. You use your salary only up to the base wage which is a cap (If you made $250K last year, you don't index the that amount). This Base Wage changes every year and 35/40 years ago the Base Wage was not that much. Then there are issues such as WEP, how the indexing is impacted by the year one turns 60 etc. We can also discuss one's Part B comong out of one's SS check and Biden's IRMAA problem.

[sparkywirenut]

Do a internet search, Jills net worth went from 11 million in 2019 to 50 millions for 2023, how are they only reporting $600, 000 yearly income ?

[sct]

Are you kidding me?
I am at the median rate.

[davidchurchill]

I really enjoy your videos, but I think there is a small mistake here.

In the Biden example, Line 6a is a constant. Line 6b is the taxable amount of Line 6a, and it depends upon provisional income. Since Line 11 (adjusted gross income --- the sum of lines 1, 2b, 3b, 4b, 5b, 6b, 7 and 8) depends on Line 6b, Line 6b should not depend on Line 11. The provisional income calculation of 638035 adds in 85% of Line 6a and also adds in 50% of Line 6a. I think it should only include the 50% number. This change in provisional income does not change any numbers on the return.

[chrisferretti]

A couple of observations...The bend points are for 2023, only if that is the year you turn 62. If you turned 62 before 2023, the bend points are different. Additionally, his SS income doesn't make sense unless he took it at 62. The reported income is way too low. Granted there is a cap on how much you can receive by what age you applied. He maxed out his income for SS for 50 years, which would make the benefit way higher, especially if his wife gets SS income as well. I'm going to get about $50k/year for SS and never maxed out my income for SS taxable income. The numbers don't make sense.

[mikeshaw]

Ther SSO actually seems low to me. Given (my guess) they we’re paying in the max, expect it would be higher. Possible they started taking a little earlier.

[tonym]

who cares how much he makes! All my money is tied up in staying alive, lol

[gerald]

thats about what he makes...not what both of them make...

[charvankerck]

I was told by SS FOLKS. there are maximine payouts . anyone over was maxed out, not true???