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Social Security

Posted By: Charlie
Date: Thursday, July 11, 2019 at 01:39 pm

Here is a question. If taxes are paid before social security is taken out (tax on total income), why do we pay any tax on social security benefits? Before 1983 SS was not taxed, after 50%, in 1990 it was raised to 85%. It would seem we have already paid income tax. Most will not receive benefits equal to what is paid in considering interest.

Since most models to help SS include making benefits 100% taxable, models looking at the breakeven to taking SS early rather than waiting will push back further in the 80s. An advisor on Yahoo finance suggest if your retirement income is over $100,000 you should take SS as early rather than waiting. It is likely other changes in SS will benefit only the low end and in turn likely to reduce the cutoff lower.

I suppose it is like inheritance tax, many people are not opposed to taxing folks again. Possibly, either is not opposed if you feel it will not apply to yourself. Inheritance tax did not apply to many however, SS being taxed applies to a great many of us.

Also of note, a spouse that works half a career or makes half what their spouse makes, seems to be rewarded not at all by SS.

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