How Much Social Security Is Taxable?

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In today's video, I want to answer a simple question that I'm asked all the time. "How much Social Security is taxable?"

Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement

Access the workshop today at this link

📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.

⭐⚠️⭐Please read this⭐⚠️⭐

⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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Do you think Social Security should be taxable? 😡

DevinCarroll

Social Security should not be taxable. It’s a disgrace that congress has not moved to repeal this 1983 law

mypphh

No absolutely not, this is criminal. It should never have been taxed at all. Go to a flat tax and leave seniors alone.

timothycarlson

I believe that there should not be taxes on Social Security because we paid taxes on our income when we earned it.

JoAnnCarpenter

Due to inflation and how high the cost of living is taxing social security would make it harder to live day to day than it already is.

drakesanders

NO, I do not believe that Social Security should be taxable .

taranoel

Thank you for all your info. The tax on social security should not happen!

laurathornton

SS should not be taxed. We’re already paying tax on the income we earned to pay the tax. It seems to me they treat this as a valued added tax.

gregmoses

No, it shouldn't be taxable. Why? Because I can remember when it wasn't, though the implications weren't clear to me then. It was still early in my work career. Then again, I can remember when my full retirement age was 64 and 6 months. Then they added to years to it (which is technically a default). Heck, I can remember reading an article in Reader's Digest by the late Sen. Barry Goldwater, stating that penalizing early retirees for working while collecting SS benefits was robbing them of their benefits. I think it was called "The Social Security Rule That Robs American Seniors". In hindsight, I have to agree. But to the point, tax my work earnings, tax my taxable investments but don't tax my social security income.

clintfalk

Devin, I worked 50 years, 2 and 3 jobs, I earned that money, the government taxed my income, that money is

edpeck

No tax on SSI. I have already paid taxes on same when I was working. Thank you!

susanlawrence

If you made $5/hr for 50 years and invested 12.5% of your income at 8% return it would yield $2, 222/month for 30 years. In other words your social security has already been taxed.

jeffa

Great video. Easy to understand. Example helps a lot. Learning more now as close in on taking SS. Realizing a big part is subject to taxes is depressing. But such is life. Learn and plan accordingly.

kenarthur

We’ve already been taxed on these benefits-I do not think that SS should be taxed. Thank you so much for your clear explanation and examples. It sounded simple to figure out but with regard to the IRS I always doubt myself. Because I’m married I’m ‘penalized’ because of my husband’s income! We are becoming more and more financially disadvantaged by marrying.

mamalovesthebeach

Good video. I live an SS and a military pension so it’s fairly easy to calculate how much federal withholding to pay on my pension. I try to get as close to zero on my income tax return as I can. Got pretty close this year. Still, taxing SS at all is unfair. I know the trust fund is in trouble but Congress is sitting on their thumbs and not doing anything to solve the problem.

markstanfield