Social Security heads up

[68rustbucket]

For people drawing the rocking chair money you may want to be aware that the propose SS increase scheduled to be announced this week could put you into a tax bracket that you may not be currently tied to. 8.7% increase will put many SS recipients over the $25k mark and will require you to file income tax.
If you will be getting over $2083.33 per month then you will be screwed. AGAIN! Estimates are that as much as 37% of people now on SS and not having to file income tax will now have to file and could affect up to 85% of your SS income.
Thanks Biden.

I haven't had to file since I retired in 2011 but now I will if the raise comes thru and there is no way to decline the increase. Just another way to steal retirees money.

You can send me the extra money, if it’s too much of a burden for you.

[PondPopper]

2 words: Tyrannical Government

[Hogmauler]

Why don’t you have to file income tax? I think my parents got to stop when they were 85 but until they were required to file. I’m 67 and have to file. The only thing that’s not taxed is a small disability check from the government for my hearing loss in the service. So my SS and my pension is taxed.

[Johnny Dangerr]

Been on SS for 3 years. Ended up sending the IRS a huge check for last years taxes. Tax on tax on tax...

[muzzlebrake]

Why don’t you have to file income tax? I think my parents got to stop when they were 85 but until they were required to file. I’m 67 and have to file. The only thing that’s not taxed is a small disability check from the government for my hearing loss in the service. So my SS and my pension is taxed.

I was told by my Tax agent that I didn't have to file anymore as long as my SS benefit was under $25 a year. When I retired I took the hit on taxes at the time and rolled all my 401K into a Roth IRA and since have not touched it. I also collect 90% VA disability that is not taxable so I haven't had to file since 2011. Now with the Raise they are talking about my SS benefit will exceed $25K so I will now have to start filing again. The interest I get on checking and savings accounts is very very little, like .01% and never was enough to push me over the $25K mark.

[Hogmauler]

Gotcha. You’ve got it worked out with the cpa so that’s all that matters.

[WItoTX]

Will do. Just another reason to add to the pile of why I hate our govt. Paying tax on this money in retirement is down right theft.


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You aren't kidding. I asked my step mom how much more money she could have had if she was allowed to invest SS instead of being forced to put in.

I learned that it is not based on what you put in (I knew it was a scam from the start but had no first hand knowledge of it). Anyone who takes the time to understand SS realizes almost instantly, it's stealing form the next generation, and the generation after that. Or they are a liberal, and cannot, or are unwilling to understand it.