How to Avoid Paying Tax on Your Social Security

[@tatianastarcic]

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or ways to gain wealth in today's economy.

[@TinaJames222]

Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.

[@ScottKindle-bk3hx]

Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.

[@DorathyJoy]

Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370K the last downturn, made it clear there's more to the markets than we average joes know.

[@Hectorkante]

Who is this Adviser or investor you use? I lost over 35000 already this year, I’m in need of a planner going forward.

[@DorathyJoy]

I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "Melissa Terri Swayne" I've worked with her since the pandemic and highly recommend her. You can check if she meets your criteria.

[@DWS1435]

To help seniors they need to go back to NOT TAXING social security !!

[@markdavis1116]

You do understand they take social security out BEFORE they tax out your federal taxes? That said I think there should be NO TAXES on social security for people who have worked hard all their lives

[@paulh1745]

@@markdavis1116 But half of your Social Security income should be taxed because it was paid for by the employers contribution, which was not taxed.

[@ranjanty]

the government rather help illegal alliens than help senior citizens.

[@paulh1745]

@@ranjanty The only reason we have a border problem is because my fellow Republicans in Congress, at the direction of Trump, think it’s politically expeditious not to address the problem until he’s reelected president, and unintelligent people like you buy into it. My fellow Republicans in Congress think the American people are so stupid. They’re talking about this openly in Congress. Being stupid is a choice, you don’t have to make that choice. You can use the brains, Almighty, God, gave you, and stop acting stupid.

[@juneyuroshek6724]

You can thank that nitwit schemer Ronald Regan. He sold his soul to the billionaires for his slice of the pie. Now his son and legacy is a dam proud atheist and proud of it. Just get all you can while you can and dam everyone else. No ethics at all.

[@thebigmann81]

Being taxed twice should be unconstitutional.

[@germanarturo11]

Agree, thank Joe Biden who introduced the tax for seniors, before him you kept all the money in your pocket.

[@laurice8056]

@@germanarturo11 Biden promised to make the big sharks 🦈 pay more taxes. But he didn’t reveal that he would go after more little guppies first 🐟🐟🐟🐟… the easy prey!👺💰

[@laurice8056]

@Kenneth Pollard Double taxation with less than half Representation!😠

[@brentmcmahon8188]

If our politicians would stop stealing money out of SS we would be fine but some sends up a bill 5000 pages and toward the end of the bill they slip in a page and two lines and it’s to get SS money to do some stupid project in his state. So if we go back threw the years and add interest and we would have so much money in SS that it would never run out of mine and give SS people to get a 500 raise !!

[@bryanfoxx2292]

Don't know why Biden was brought up as the fall guy, typical though, but they did say Newt Gingrich was the deciding vote. It was a Bipartisan decision. However, it was President Regan who signed it into law. They say this is NOT tax that is paid in by each employee BUT is the percent that the EMPLOYEER paid in, of which they got to DEDUCT from their business which Uncle Sam claims was a double deduction. One for the employer contribution and one for the employee's percent, which they rec'd at the time SS is taken. What is a travesty, as was stated, there was NO annual adjustment for inflation factor, as there fortunately is for SS benefits. RIDICULOUS!!!

[@johntieszen3132]

Another tax no one talks about is how your social security benefit is reduced by medicare premiums based on your MAGI which is a total of taxable income plus non taxable interest. If this MAGI is to high you automatically give up a major part of your social security benefit. 85% of your Social Security benefit gross amount can be taxed when you only really get a net amount after medicare premiums are deducted. This is another tax screw job.

[@jmb-cm7mr]

Yes this sucks big time. If you retire from the NY State Retirement system you get reimbursed for the Medicare premiums because your NY State Health insurance already covers those premiums. My husband is retiring in July 2023 and we both will benefit from this from his health insurance.

[@thinkertoo2995]

You are absolutely correct. I never thought or knew about this atrocity tax before I removed all my money out of my IRA over a span of 2 years. My medicare part b premium almost doubled. The government is not your friend. fjb

[@slimdude2011]

@@thinkertoo2995 Whenever money is withdrawn out an IRA account, taxes are owed on it, but why did your Medicare Part B premium doubled?

[@marymdavis3189]

​@@slimdude2011If your total adjusted income is over a set % it used to be called a "pickle" which kicked in effect early year, then gets readjusted, eitther July 1st I believe (start of most State budgets), or Sept 1st ( beginning of Fed year budget). I'm sketchy on dates, I retired Sept, 2004 due to lung & back disabilities.

[@specialstone9153]

Another way of extortion.

[@peterbaker8443]

The biggest problem is we allow people who don't contribute control our money

[@SandfordSmythe]

Who?

[@enricofermi67]

You are full of crap.

[@BeyondPC]

​@@SandfordSmytheBasically the entire government. Do they produce a product of value? Do they earn their money like the rest of us? No - instead they print money on the back end and infinitely tax our nations wealth on the front end.

[@patriciasankey4103]

And to take our $

[@White-ms9uo]

To Suspend on Wars that we want nothing to do with.. don't worry the IRS will be going away

[@TerryLust-n9w]

Social Security is not a benefit…it’s money taken from paychecks!

[@SandfordSmythe]

Your definition.

[@celticrco3899]

We are taxes on half of the contribution to Social Security unless you are self employed, the employer pays the other half.

[@kennethkilpatrick3758]

Your dollars were worth a lot more 40 years ago than they are now. And nobody I know invests for 40 years with the goal of getting back exactly what you put into it.

[@loiscashner6567]

File a new 1040 with nothing but zeros on it.

[@loiscashner6567]

@@celticrco3899just fill out a new 1040 with nothing but zeros. It’s a volunteer system if we fill it out wrong then we pay. Don’t give your money away.

[@barttfisher]

Most Americans cannot retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[@PennyBergeron-os4ch]

as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

[@FinnBraylon]

Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.

[@HildaBennet]

this is huge! mind if I look up the consultant that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future

[@FinnBraylon]

Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science

[@HildaBennet]

I ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.

[@i-postm4943]

It took 3 guys 49 minutes to answer the question posed in the title. Their answer is contribute/convert to Roth. And, if you have a high deductabe health insurance plan, contribute to an HSA.

[@AnOhioPatriot]

Right! Too much gas and banter. Get to the point already.......

[@Merzui-kg8ds]

Not everyone can contribute to a Roth. (those early retired, have no income, cannot contribute to an IRA)

[@mom2collegekids26]

People receiving SS often are retired, so how are they supposed to put that money into an IRA/Roth?

[@user-bg9em7ch6k]

Thank you!!

[@extremeAdvil]

Thank you!

[@rosalina4556]

What is hard to understand is this, I started working at very young age and contributed to SS for over 50 years. Never collected unemployment. I have never been unemployed. I turned 65 and decided to file at 67 and 4 months because they said there will be no penalty if I continued working and there was no limit on how much I could earn. They charge me over $600 per month for Medicare. I’m so upset. I know people that never worked in US and they received $$$ plus they get Medicare and medical and they don’t have to pay anything. It so unfair.

[@shelleyhuskey1216]

I think there are a lot of unknowns here in your post. 1. We have a system in place that is an earn it system. The more money you earn and longer you earn it, the more money you will have to withdrawal. 2. Our system is not based on whether you used unemployment dollars. 3. When retiring it is best to consult an advisor or read the SSI website to understand the financial reality after you stop working and how your age affects what you are entitled to and how much health insurance will cost you because that is different than Social Security money.

[@SandfordSmythe]

Your $600/month Medicare needs an explanation for why. To collect SS and Medicare, you have to have paid into into it. You may be talking about welfare kinds of payments.

[@slimdude2011]

Oh no, you were misinformed. A person can still work while receiving their SS benefits, but there is a limit that you can make. If you earned over the limited amount of money from your place of employment, if will definitely impact and reduce the amount of your SS. If you're working full time with 40 hours or more, I suggest that you begin to look for part time employment, so your gross pay is low enough that it will not reduce the amount of your Social Security payments. If you've still needed to work full-time, then you shouldn't had applied for your SS, until you were ready financially to fully retire.

[@karenredding9439]

When you turned 65, did you sign up for Medicare? My husband paid his Medicare when he turned 65, but he didn't claim his Social Security until he was 70. If you don't pay you Medicare premiums at 65, then the longer you go without paying, the higher your premiums will be.

[@annamartino5681]

Did they charge you $600 a month for Part A Premium or Part B Premium or for both because you either 1) didn't pay in SS and Medicare Taxes long enough from all your W2 or Self Employed Taxes (for over 10 years Part A would be Free and not $500 a month) and 2) Your current Adjusted Gross Income (AJI) is considered High and above ~ $97,000 and if you go to MEDICARE or Social Security website you can learn from them why they charged you high Premiums (based of your 2 Years Ago Tax Return and Income) and you can request an Appeal Form from Social Security which determined your Part A and Part B Premiums if your Income is significantly lower now than 2 years ago. Also, you can verify with Social Security that all of your years of work has been counting with them officially and they have a record of each of your past job and Taxes withholding by your Employers.

[@freedomfightergrl5615]

You guys take FOREVER to o get to your points!

[@gingerkilkus]

These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?

[@AlfredWilliams-ki6ri]

I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.

[@williamDonaldson432]

This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio.

[@foreverlaura-fq4eu]

@@williamDonaldson432 How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

[@foreverlaura-fq4eu]

How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

[@williamDonaldson432]

Annette Marie Holt is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@urbanart7325]

How they allowed social security to get taxed is so messed up. Modern slavery

[@purplenights1]

Look, these guys are not really being forthright with you here. Most people do not have thousands of dollars a year to put into a Roth IRA nor into a Health Savings Account. If they did, they wouldn't need social security to begin with. Most people in retirement live on social security and a small retirement income, or maybe work a little here and there, or have a part-time job. You pay social security tax on the adjusted gross income on your tax form. Say you make $18,000 a year in social security income and have $12,000 a year coming in from your post employment retirement fund. That is $30,000 a year total income. On your tax form, you only count 1/2 of your total social security added to your other income sources. In this example, 1/2 of $18,000 is $9,000. Now you add that $9,000 with your $12,000, and your total adjusted gross income is $21,000. That is less than $25,000, plus you have not even counted in your annual deduction and if you are over age 65 you get an additional amount added to the annual deduction. Subtract that, and you will end up somewhere in the neighborhood of $7,000 for your actual TAXABLE income, which is far, far less than $25,000, so you will pay no taxes on any of your social security income. As long as 1/2 of your social security plus any additional funds total less than $25,000, you DO NOT have to pay any tax on your social security. It really is not that difficult to understand, and you really have to make quite a bit of money to pay any tax. And even if you go over the $25,000 threshold, when you add in your standard deduction, you can still have a pretty good income in retirement and still pay no Federal Income Tax. If you work some and don't make a whole lot of money, you might even get a tax refund! You can play around with the numbers based on your own social security to see how much additional income you can acquire before you have to pay a penny on your taxes. If over age 65, use tax form SA, and that gives you a higher deduction to play with.

[@thebigmann81]

We have always been slaves most of us are brain washed and just didn't realize. Think about it the world governments have told us a piece of paper is of value when in reality its just paper. Now we are going to labor to earn a worthless piece of paper because they said it is of value. In reality no body or governments should own land as it was meant for everyone to live on growing produce or raising live stock without being taxed. But we the people gave them the power and has allowed it.

[@rowannicklous6397]

You can thank pres Biden for that

[@ftoniaromano6480]

One of my adult kids asked me why I had given him a social security number? I said, ‘honey, I never even thought about it…the staff at the hospital gave daddy & me your social security number before you left the hospital.’ ‘Mom, the government owns us once we got them.’ I had never really thought about it that way. I inherited my folks estate and I’d be taxed for the third time if I withdrew any money early. RIDICULOUS

[@ftoniaromano6480]

And yes! I’m taxed on my social security. They worked so damn hard for that money and so did I.

[@EthanMaloney-qp4lh]

I am looking for tax efficient way to rebalance my $800k portfolio without triggering capital gains tax. what asset location strategies should i use?

[@SaintYvess]

The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult a financial advisor or tax professional to tailor these strategies for maximum tax efficiency.

[@WestonScally7614]

My advisor helped me rebalance my $2M portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to their guidance, I maintained my desired asset allocation while minimizing taxes.

[@sting_grayl]

Hey friend, can I work with your Fiduciary?

[@WestonScally7614]

My advisor is *Victoria Louisa Saylor* and she has years of experience in the financial market. You can simply search her name on the web to reach her and book an appointment.

[@WestonScally7614]

*Victoria Louisa Saylor* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@katherinemclean7103]

Our government no longer cares about seniors. 🤬🤮🤬

[@patrings1956]

You are so right, I mean their salaries begin at $174,000 right off the bat!!!! Imagine what they make when they are still "working"" into their eighties!!! They dont care because they "work" until they die!!!

[@patrings1956]

and don't forget their donations/fund raising, and free gifts!

[@cmcd3174]

You’re so right , all they care about is themselves, and the next Election Day ! Our country is in deep trouble, glad I won’t be around in 50 years to see what shape it’s in by then, or have any grandchildren to live through it !

[@emillieanne3152]

Care about our seniors? Our government doesn’t care about any of us.

[@teecup89]

Remember the social security tax amendment was signed by Ronald Reagan in 1983.

[@alycedrimer6922]

Didn’t we dump tea into the waters to take a stand on double taxation? The Boston Tea Party

[@josephdebes3060]

Boston Tea Party was for paying taxes to England without any representation in British Parliament…”No Taxation without representation “ protests …part of what started the US war of Independence from England

[@hometowncook6970]

NO.....Merchants( dressed as Indians) raided a ship with imported producted (mostly tea) that had a heavy tariff imposed on it that subsided the import company British West Indias) which was basicly a colonial "Trickled Down" levied tax

[@OscarBarnaby3k]

Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.

[@TeddyAlexanderv6]

Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.

[@NikolasMartine01]

I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.

[@MatthewAidan4ns]

Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.

[@NikolasMartine01]

Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.

[@MatthewAidan4ns]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.

[@kennethsmith2952]

Its not inflation, its GREED.

[@jamesmana5247]

You could not have said it any better

[@rwandafarrer3772]

This too.

[@jamessheehan7634]

A Congresswoman from MN. Introduced “the you earned it, you keep it a few years ago to take care of this problem. Where does the bill stand and who is holding this up?

[@debbiemeyer7666]

I just received an inheritance , part annuity, life ins, IRA and sale of a beach home. I have to start taking out from the annuity by next yr and have it all taken in 10 yrs from when my cousin passed. We also have our own Roth Ira’s. I really never knew the difference between regular vs Roth IRAs. I already am on disability ssa due to Lupus and it’s complications after yrs of paying into FICA. But, because my husband makes over a certain amount, the IRS is taxing 80% of my disability (which was a tax I paid when working). It’s basically double taxation.

[@slimdude2011]

Remember, it's only half of your SSDI is taxable, not the full amount. You don't pay taxes on the full amount! You and your husband may want to start filing separately on your tax returns (if applicable) to lower the income, to prevent from paying taxes on your SSDI. You have an option to have monthly payments withheld to the IRS out of your SSDI, so you won't have to owe at the end of the year which may be more convenient.

[@KC-dr3cg]

The reality in my financial world is that taxing even 50% (@12%)of my social security being counted DOES REDUCE MY ANNUAL DISCRETIONARY INCOME BY $1,200+ ! .. Your information doesn't seem to apply to senior citizens who are shocked by the expense of part of their social security income.. that $100 a month may mean nothing to you but for a lot of people that amount of money would pay for their electric bill or their insulin

[@marybethmartin1476]

What is the percentage of converting IRA to Roth IRA? Is the percentage different state by state ?

[@marksnyder8697]

The spending from seniors if not taxed would greatly help the economy. Going out eat and other things to help your local economy.

[@perryreasch1209]

every time a dollar is spent it is taxed ?

[@ihwhealer]

Can we produce a bill with signatures to stop this double taxation?

[@manolocalifas6488]

biden won't like that!

[@rwandafarrer3772]

@@manolocalifas6488 - He's a Senior; I don't think he would block it. I said he would NOT mess with SS. So why do you think he wouldn't like it?

[@giovannidepetris6335]

@@manolocalifas6488why? Because it was a Reagan s idea you know that?

[@manolocalifas6488]

@@giovannidepetris6335 bad idea

[@marksibert305]

1984. When Ronald Reagan was POTUS. He (and the Republican congress) did that. They also took away personal loan and credit card interest deductions. The medical deduction was over 5% of a person's income, increased to 7.5% by them also. And to mention any state sales tax. All the deductions that helped us work our way from poor to middle class a little faster.

[@georgegriffin1476]

And he also refused to increase the minimum wage entire time he was president.

[@georgegriffin1476]

And I also saw him say on tv that since corporations employ people to provide them income he saw no justification for corporate income tax.

[@marksibert305]

@@georgegriffin1476 I always thought that was why conservatives thought no business tax was a good idea. Thanks for confirming it.

[@levimiller1301]

He was hired to be Merica's cowboy in RINO's boots! Paid for by the Great Sheep Alliance!

[@dknowles60]

nice lie No body likes liers like you on You Tube, the DEMS had the Us house under Reagan how young are you

[@karenkleindienst7410]

If a person is receiving a monthly amount from a reverse mortgage, does that amount count towards the Social Security allowed amount?

[@DennisRobertson-v3h]

Love the show. I have been applying your discussed strategies for the last few years and more recently with a financial advisor. My pet solution which no one has addressed is to force Congress through a loud grassroots movement to apply COLA to the numbers on the Social Security Worksheet for each and every year since 1984. This would raise the miserly 32k to about 80k relieving most of us from the painful taxation of our Social Security. Care to take a leading role in this effort?

[@jimjam36695]

Which means they have to raise fica on working folks. It will have to come from somewhere.

[@levimiller1301]

Take a look at how much tax free money this company received during the plannedemic. PPP gifts for what?!

[@luciamedina8924]

@@jimjam36695😅😅😅😅

[@annamartino5681]

Sadly, you are not alone in this solution. Yet for years since 1983 Majority in both branches did deliberately Designed How to collect more Taxes from unsuspecting Older Retired who voted for their own destiny in 1980s and the Social Security Act was signed in Stone with now most likely bipartisanship as they are not going to give Older wealthier retired people an easy way out Tax Break, why should they when they get their revenues from those who are least likely to do anything about it, including selecting those who support retirement and older folks to at least be Taxed with Adjusted Tax Brackets on SS and adjusting them retroactively back to 1983 in line with COLA and CPI-U or even Real CPI similarly how they adjust annually Standard Deduction for Inflation. Unfortunately, until there is enough Smart retirees and Smart Younger Relatives of Retirees would push for such Tax changes, more folks on the poorest end of SS would pay more Taxes to raise revenues again (as they already did pay SS and Medicare Taxes of 15% together with their Employers for years of working).

[@Lake_Lover]

I've watched a few video's on this very subject. If I'm not mistaken technically you're not paying taxes twice on whatever portion goes over the 50 or 85% rule. Reason being is the Social Security fund is funded by the workers AND the employer. When you contribute your 6.2 percent you are paying taxes on that money, however the 6.2% that your employer pays is NOT taxed. If I'm correct, that means that all of the contributions from the employers are not taxed. The biggest issue with all of this is the fact that those amounts where you start getting taxed on your SS benefits haven't changed since it's inception in 1983. Totally ridiculous. It's the dirty little secret that no ones paying attention to.

[@jeanetteorosco8153]

Are we paying the taxes on employers portion?

[@Lake_Lover]

@@jeanetteorosco8153 I guess you can look at it that way if you want to. I think SSA wants "someone" to pay the taxes on the employers contribution. They're going to get their money one way or another.

[@vonnereagan40]

Who can live on $25,000 per year? Rent is at all time high. Food - Utilities- Meds?? Transportation? SS is a joke! The government has borrowed ( stollen) from the fund- never replacing it- so then the Gov comes up with another way to steal from you again- while this Gov is giving aid to another country for a war we have no business in? Ppl here are struggling- especially the old and disabled. Now they want to tax our SS? Someone

[@antilogism]

@@jeanetteorosco8153 Employers are allowed to deduct their portion as a business expense so the half that's taxed is your half.

[@carlsanders7824]

No, it is also a tax, as the employer is taxed. Either way you look at it, it is double taxation.

[@specialstone9153]

No one should be controlled over their income. What they can and cannot do, nor have income taken from them. I heard it use to be that you could start new IRA accounts with saved income or from dividends earned from investments, but that now it is not allowed unless you are employed. Problem needs resolve.

[@levimiller1301]

Police state in all the forms! Too many cowards and sheeple following politicians and political parties rather than Jesus! Rise up and join the fight against principalities and powers of this world. Don't be mislead into thinking we are the good guys just to keep getting richer. The eye of the needle is a tough gate to enter.

[@trishbowen2740]

Good for you for saving money! Interest income is usually taxable, but some is not. Municipal bonds, for example, are not taxable at the federal level, but they might be at your state/local level. Distributions from certain life insurance annuities are also not taxable. If you invest your extra funds in stocks that don't pay dividends or in gold, silver or artwork, the increase will only be taxable when you sell. It might be worth doing some more research and/or consulting a financial planner to learn more about your options.

[@pauljoseph2400]

Those taxation thresholds on Social Security benefits (starting at 25K) have another name. It's called means testing. So, when politicians tell you they want to start imposing means testing on Social Security, they are lying because it's already happening. They've already done the same thing with Medicare, by progressively raising the Medicare premiums for middle and upper income retirees.

[@marymendoza1403]

Has any one ever thought that we have already paid taxes during the working years. During the working years you pay taxes on Gross Income. Gross income includes income which includes the Social Security deduced during your working years. Isn't that double taxation???

[@thomast3570]

@@marymendoza1403 Your employer does contribute and you do get interest.

[@specialstone9153]

A stop must be put against corruption.

[@networkteacher1]

Means testing is not the worst concept, but the way we apply it is. If the 25k were raised to a common poverty standard and the mandatory Part B was not taxed, it would be more fair. And to simplify, cut out the loopholes, the 85% rule, the standard deduction, and reduce the tax itself. Why is that so hard?

[@pauljoseph2400]

@@networkteacher1 I totally disagree with means testing. The middle class is expected to save extravagantly for retirement, but if you do, they want to punish you by taking your base SS benefit, so you are unable to maintain your lifestyle. He11 to the no. I also strongly oppose applying different COLAs based on income, another sneaky form of means testing. Here's how you fix the system. Slightly raise the retirement age over multiple decades based on life expectancy, as was done in the 80's. Slightly raise the payroll tax (both employer and employee) contribution. Apply both the Social Security and Medicare tax to all forms of executive compensation. The wealthy are able to game the system on income taxes, so I have no problem giving them no wiggle room on these mandatory taxes, plus they are the direct beneficiaries of uncontrolled immigration, so they should have to foot the bill.

[@hiflier7197]

C'Mon, America let's do something about this atrocity!

[@milesclifft8099]

If it gets done we will have to do it the whole system is so corrupt. They won’t do anything but debate each other

[@levimiller1301]

USSA...privatize the gains, socialize the losses.

[@madewithscraps]

The Dems are planning to do something about this fact. Vote for Joe Biden Again! Way Past Ignorance is Bliss! Some ignore, others are simply "Dumber than a Mud Fence"!

[@hiflier7197]

WHY? AH! You have to explain your moranic comment, MAGA!@Midwest10

[@mwoods1052]

@Midwest10 why don’t you put the blame where it REALLY belongs? You do realize the Democrats DO NOT dictate to corporations and companies who set prices so they can receive maximum profits. We all pay high prices for things due to GREEDY corporations and companies who are hell bent on making sure their CEOs receive mega millions in bonuses. You should learn a few things about the difference between economics and politics. Let us know when you’ve done your research.

[@darrellwoodby884]

Can the HSA be used for medical in another country such as dental work in Mexico.

[@steveblake4187]

I have never found software that takes into account the lost future potential value of the tax that is paid on Roth contributions or conversions.

[@ronloftis9080]

How the sausage is made as to how to avoid paying tax on your SS is one of the most hidden topics for retirement and retirees. There is no hard and fast rules because every has saved in varying percentages and amounts in different retirement buckets (taxable, IRA/401k etc, Roth). The calculation is this unkown thing for most retirees. But if you understand it, you can know exactly how much to take out or your IRA and pay no taxes along with your SS. There are spreadsheets for this, but is rare to find it.

[@ronloftis9080]

I will post a website on where to find a spreadsheet for this...if the Wise Money Show says I can post it. You would have to pay for the spreadsheet, but I can tell you it is well worth it for the insights into your taxes. And no, it is not my spreadsheet.

[@levimiller1301]

Look up glysophate...welcome to Merica!

[@slimdude2011]

In reality, there is no avoidance of not paying taxes on your SS, if your AGI exceeds the limited threshold amount depending on your marital status. Everybody doesn't have to pay taxes on their SS, it depends on the person's income.

[@kathleenmcbride1471]

​@@slimdude2011Yes - the only way to avoid these taxes is to make sure your income is very low, but it is hard getting by at that non-taxable level. Right now I am avoiding paying any taxes on my Social Security or on CD interest or on IRA withdrawals - simply by limiting my income. All I have to do to make sure I don't go over the limit is to use the formula they mentioned: add 1/2 of my Social Security plus all other income (currently CD interest and IRA withdrawal - not Roth). As long as that total ends up being less than 25K (single filer) my Social Security is not taxable and is then not included on my Fed tax return - and with the standard deduction subtracted from the remainder of my income I owe zero taxes. But who would want to live at that income level? Eventually when I change from widow's Social Security to my own (planned - because it was and will be significantly higher) and have the forced RMDs on my IRA beginning at 73 my taxable income will increase so that I will end up once again paying Fed taxes, including on part of my Social Security.

[@jmb-cm7mr]

In NY State we can take out $20,000 per year tax exempt on private pensions, 401k , 457b and other retirement accounts. The withdrawals have to be spaced out i think in the year like $10,000 in Jan and $10k in December the money does have to be reported on your taxes but it is exempt from any taxes.

[@cbbcbb6803]

We pay for other people's social security, and, we pay for other people's education (teacher's salaries, school supplies, new school buildings and the maintenance of those buildings, and so on ) and other people's streets and roads, and a multitude of people's other stuff.

[@stephenmitchell7915]

Interesting. Right now a significant part of the inflation number relates to competition for labor and concomitant increased wage costs. I would be willing to work for significantly less than I was paid before retirement (wages and benefits) but my Social Security could end up being taxed, AND I have to contribute FICA which means I subsidize my own Social Security benefit, again. If they made this tax situation more reasonable it could help alleviate (productive) labor shortages and wage escalation by motivating retirees to re-enter the work force.

[@beverlyheim2001]

😊😊

[@sandramoore8663]

I pay in taxes on my ss every year..believr this is stealing from those who already pain in...definitely WRONG

[@bryanfoxx2292]

If one has reached FRA (full retirement age, which for most is between 66 & 67), that no longer applies. One can earn as much as they want, only paying in FICA at 6.2%, assuming not being self employed vs 50% after earning a measly 19 to 20K. IRMA really hits home after the death of one spouse after filing jointly for years, in most cases. That triggers greater monthly medicare premiums, Part D premiums and other things. Josh Scanlon has one of the BEST YT videos about this and even explains and shows step by step the math, which very few go into such depth.

[@maryharris1956]

Why don't they tax welfare? It's a inome.

[@MrJdsenior]

@@maryharris1956 Why don't they tax the tax, and tax the tax on the tax? Believe me, when they figure out how to, THEY WILL.

[@philh.7100]

If the taxes weren’t deducted from your paycheck and we had to pay it quarterly like business owners we would have that revolution you mentioned

[@jjames5475]

Wow 😳.. I LOVE Your Show . I have Learned A lot Today . Thank You Guys 🙏🙏🙏

[@mauricepicard8054]

Go to states that don't charge tax!!

[@mwoods1052]

Well yes but you must realize that states that do not charge income tax will get you another way.. by much much higher sales taxes or real estate taxes. Ain’t no free lunch, my friend.

[@RJ-0301]

This is a FEDERAL tax! State taxes have nothing to do with it.

[@rwandafarrer3772]

@@mwoods1052 - Exactly!!

[@NancyViejo]

We also have to have a deduction against our SSI income for Medicare and that has a sliding fee scale.

[@missouri6014]

Great discussion for retirees or pre-retirees that really get into it but probably not so good for those who have very limited knowledge Some graphs might’ve been used especially on how you feel the tax buckets so to speak on the Roth IRA’s things like that but it was a great discussion for me that’s for sure thank you

[@MrLeftshot]

One question about using an HSA as a retirement vehicle. All the HSA accounts I know of are simple savings accounts with banks or credit unions. As such they earn meager interest and often have fees for the recordkeeping required of HSAs. This makes them poor long-term investment vehicles. Are there HSA institutions that are able to provide returns more like what we expect from our IRA or 401K? If not, then we obviously need to factor in these lower return rates into our planning and expectations.

[@barrellcooper6490]

Had a 401k in 1984. The other ugly truth about traditional IRAs: if your IRA has been invested in something that would have been taxed at long term capital gains rate instead it's going to be taxed at the higher ordinary income rate when it's withdrawn.

[@antilogism]

True and it bites. The bright side is that you get to benefit from Uncle Sam's cut, DCA'ed in and compounded over years. I do shorter plays in those accounts to take advantage of the tax deferment and cultivate long-gains and qualified dividends in a brokerage account with o% tax at my income level.

[@amtangsoo]

That said, I enjoy your post on the Dominicana Republic, always infomational.

[@ruthmccambridge9579]

So it seems to me it’s more beneficial to put as much money up to the limit into your 401(k) because that’s pretax and after you’ve met that then put some into a Roth post-tax is that right correct?

[@antilogism]

Could be. Also Traditional IRA and HSA are pretax as well and have much more investment flexibility but a much lower contribution limit. The contribution limit of Roth and Traditional are shared too. Don't discount a simple brokerage account either. If total income is low enough, long gains and qualified dividends are not taxed (0% cap gains rate).

[@ronaldwoodruff4676]

How about savings tax for an already retired person?

[@larryedwards9769]

So...this is my first time to listen to you guys. I'm about 15 minutes into it and I can tell right now that it's going to take more that a little getting used to! So typical of getting mutual admiration group together! Not only that...ALL THREE OF YOU SEEM TO HAVE BEEN INFLUENCED BY YOUR KIDS AND DEVELOPED A.D.D.!!! GOOD GRIEF! FINISH A THOUGHT!!!

[@ExtraordinaryLiving]

Gosh! I thought I am the only one with the same sentiment [as yours] about their "style". I had listening to them once a while ago, and found it exceedingly difficult to follow [them] ... there was just too chatty and too much stretching out a thought that I got lost along the way. As such, I didn't care to listen to more of their shows and soon forgot about them. Today, YT has "recommended" this video, and based on the title, I decided to check it out. Blah! Now I remember these chatty guys wasting my time! 😤

[@smallfootprint2961]

Or have another cup of coffee...

[@renewilliams5909]

I agree. One of them should put it in writing.

[@jcgoogle1808]

Exactly. Should be a 10 minute video and 3/4ths of it, just skipping through, is contribute to a ROTH IRA so that the money you receive in retirement has already been taxed. And then the rest is contribute to an HSA. That's 5 minutes tops. I thought it would be advice on what you can do throughout the current tax year,.. like contribute to an IRA,.. the $7k reduces your AGI, etc... and things like that,.. but no 50 minutes of a circlejerk. So glad I didn't waste more than 5 minutes on it.

[@RocktCityTim]

I loved the fact that as a member of our military, I paid almost 2 months of my own salary every year.

[@hwfranjr]

We ALLOWED this and we must stop it!!!!!!!! No tax on SS,NO TAXS FOR ANYONE ON SS,IFYOUNARE OVER 70 NO MORE TAXS!!!!!!!!!!!!!! Set a limit of 100,000 ADJUSTED yearly!!!!!!!

[@charlessoukup1111]

I get about 2400 Soc Sec per month. Had to draw out $ for major house appliances and ended up having to pay 3500 in Fed taxes for 2022. Could I have avoided this? Dwindling annuity now about $50,000, had to draw out MORE to pay taxes..vicious cycle.

[@twoking10]

So just clarifying... your SS contribution does not reduce the AGI. Yet, a portion of the distributions are taxable. Basically the Federal government takes your money then taxes you to give it back. Think of it like a really bad 401k plan. No one ever said the government was particularly good at retirement planning either.

[@bobrobert8566]

6.2 fica is only if an employee. 12.4% if self employed and the same applies to medicare

[@joelkoole1960]

My HSA was hacked on $0.11 fake purchase, plus $0.40 fake purchase. They took $460.00 total. Since Dec '23. What pills sell for 11 cents?

[@SilverHonda0767]

What about the money that my company contributes to my 401k Roth IRA , do I have have to pay taxes on it ? Same question about my Fidelity Roth IRA the money that is rolled over to my dividends? do I have to pay taxes on it ?

[@tcbridges]

There should be no taxes on any person past age 70 on Social Security. I feel the same in taxes on your home you have lived in for 52 years At age 75 I pay almost $3500 a year out of my SS. I don't have a retirement fund like a IRA ot 401K

[@levimiller1301]

Social security is an oxymoronic term. Do farmers usually continue to feed their chickens past egg laying age?

[@cynthiahansen2341]

Is the only taxible income above the "25k" a 1099 or w2? Does passive income count? Like from rental?

[@carlabircher4370]

I was told that if my SS was under $25 s year that so didn't have to pay taxes. Is that true. I haven't filed taxes since the 80s. Should I be worried? I started out on SS disability in my 30s. I am now almost 39.

[@carlabircher4370]

Correction. $25,000

[@ftoniaromano6480]

Carla Bircher - I never used to file either because I was under the limit for personal income. My late Dad asked me if I was filing. I told him no. He said, ‘honey! File! You’ll get money back.’ Doesn’t it come out even no matter which way you stir the money? And now that I also have an inherited estate, I feel screwed!

[@cynthiahansen2341]

During covid there where checks based on filing..and if you where head of household.

[@toosexy7955]

@@carlabircher4370, If you get a raise on your SS, anything over $25000.00 you will pay taxes!, Americans are screwed

[@jimweda]

So I'm a 63 year old 100% disabled Veteran receiving monthly compensation with 100% medical. I'd like to start getting my retirement SS but will I be taxed on my SS checks? Veterans don't pay tax on disability compensation checks and my understanding is that it is not considered income. Also when I come of age am I required to get Medicare even though I'm 100% covered medically through the VA. I've been searching the web for the last month and I can't seem to find any info about this. What keeps popping up is SS Disability but I don't want that, just my retirement funds. Any help would be appreciated.

[@boraborabob1]

This is such a simple subject that you guys put a lot of energy into making it seem complicated. So you can make money on our backs. Financial planners are basically scammers.

[@White-ms9uo]

Be nice. Many ppl need their help

[@jcgoogle1808]

Exactly. Should be a 10 minute video and 3/4ths of it, just skipping through, is contribute to a ROTH IRA so that the money you receive in retirement has already been taxed. And hten the rest is contribute to an HSA. That's 5 minutes tops. OI thought it would be advice on what you can do throughout the current tax year,.. like contribute to an IRA,.. the $7k reduces your AGI, etc... and things like that,.. but no 50 minutes of a circlejerk. So glad I didn't waste more than 5 minutes on it.

[@RJBeacon]

Another 50 minute video, that, based on the topic, should be 1/3 that long…

[@leanderian]

@@jcgoogle1808 Thanks. You got me to stop after 41 seconds!

[@heart_and_sole]

Yup. ​@@jcgoogle1808

[@gmharris2010]

Is there an age limit on HSA account for contributions

[@mikewarner5458]

Doesn’t the employer deduct their contribution of 6.2% from their income?

[@antilogism]

Yes they do---or at least they may and should.

[@Wakeupandsniffthecoffee]

What if you're already in retirement and drawing. Especially when I am ready to collect on an annuity and will lose a good portion to taxes?

[@dorisreyes6998]

Guys this is truly a disgrace and a real problem for us seniors. We are back in the work force so how will this help us the poor. I am a veteran of age 78. And returning back to work force a homeowner a salary of and SSN of approximately $1750.00 a month. Will I be taxed on my SSN of $1450. Monthly? The balance is what I receive from returning to work of 1 year at age 78. Really wants to retire and enjoy my home.Actually retired aNov of 2019 before COVID. Due to food prices and inflation returned to work to supplement my income of SSN .

[@guess2899]

And you seniors keep voting republicans, they don’t care for the little guy, they are trying to do away with social security, they only help the rich

[@salesadmieze9049]

You can thank biden for inflation

[@guess2899]

@@salesadmieze9049 thank Reagan for taxing social security

[@cynthiahansen2341]

My understanding. You will get taxed on earnings ABOVE the $25k earned. (Your ss is not included in that $25k number. )

[@peaceyvibe]

So many videos to keep up with.. i suppose when the money hits my account, I'll know then.. thanks for keeping us updated

[@brentmcmahon8188]

I was told I could take all the money that goes to SS from employer and my check that I could put it in a 401 K and manage my puente money not the government?

[@michaelgraham8494]

Nope...

[@Brigitte724]

If you have a city government pension in NYC over 60,000 + will your social security be taxed???? Any answers appreciated

[@terringuyen5470]

Yes

[@dharmajoy938]

You may not have paid into social security so can’t collect it. Windfall provision.

[@jerrykeith9161]

What about the government retirement system? Do they have to pay taxes on it if it is not social security???

[@SandfordSmythe]

Yes

[@HingYuen-u2l]

Hi, paying fed tax on 85% of SS income is better than fed tax on 100% of income allocated to ROTH IRA. Most people will be paying tax rate at a higher tax bracket during working years. It makes more sense to pay taxes on 85% of ss income at a lower tax bracket.

[@johnl9135]

So it's a good idea to start convert your 401k to Roth IRA when you reach 59 and half until you reach age 67 full retirement age?

[@germanarturo11]

I believe you can convert to Roth IRA at any time, I say the soonest the better because you HAVE to pay taxes when you do the conversion. 59 and a half is to start withdrawing the money from your IRA without penalties, but if you convert your IRA to a ROTH IRA at age 40 or 45 for example, you will not be charged the early withdrawal because you are putting it in another retirement instrument, BUT, remember, you will have to pay the taxes that you did not pay when you claimed that deduction, plus all the interest or gains you have made until that moment in time. After this, after you convert to Roth, all your principal and interest you make is tax free.

[@Lake_Lover]

I think the other consideration is IRMAA. When SS calculates your Medicare part B premium they use the last couple of years of your tax return. If you have done the conversion in those years it will increase your MAGI and make it look higher than it really is and might increase your Medicare part B premium.

[@salesadmieze9049]

​@German Gutierrez but I need the tax write off now. Won't most people make less in retirement? Better to pay taxes on it then? .

[@headlibrarian1996]

If you’re talking inflation adjustments in taxation don’t forget the home sale exclusion, Net Investment Income Tax, and ACA wage surtax.

[@ultramegasuper11]

Great overview 🔎 Thanks

[@lawordersvufan8050]

How does this work if you have a pension as well as social security

[@TuTuFox]

So we are paying taxes on OUR $ TWICE🤬 THEIVES 😡👎🏽

[@johntieszen3132]

Another way to convert IRA to Roth is use cash created by the Roth to purchase some of the investments form your IRA.

[@davidpowell3347]

People who started work much before year 1986 didn't have much of a chance to make Roth IRA contributions or even common tax bomb IRA contributions.

[@ruthmccambridge9579]

Let me clarify, are you saying that when you put money into a Roth it’s already taxed?

[@josephdebes3060]

Yes…. With an IRA or a 401k, you don’t pay taxes on it NOW, but you get taxed when you withdraw it. With a ROTH IRA, you pay full taxes on it NOW, but whatever to make in profit over the years, is NOT taxed when you withdraw it in retirement, unlike a regular IRA You really should put money in both types of accounts over your working year.

[@snoopyjc]

I got really messed up with HSA vs Social Security / Medicare. I am 66+ now and was eligible to start my Social Security in Dec 2022, but the Social Security office said if I start SS, then Medicare is automatically retroactive to 6 months BEFORE I started SS. In this case, I would have to repay everything I put into my HSA in the past year. So this year I had to stop funding my HSA (and use an FSA), but I still can’t start my SS until July of this year, because the SS/Medicare will be retroactive to January (and my benefits starting in July will actually start in January too and I’ll get a lump sum). I asked and there is no way to start SS without also getting Medicare. I plan to keep working.

[@debbiemeyer7666]

Why does our government make things so complicated? Double taxation, you’re doing the right thing, but now have to use your HSA money for to pay back Medicare. When I took my SS, my Medicare didn’t kick in for 6 months. Luckily I was still under my husband’s insurance till I was on Medicare, plus I pay for plan A, D and F, so my SS pmts are strictly for my health ins pmts.

[@goldielocksg7208]

If you wait till Jan the next yr 24 you could get at much as 200 more a month. After 66 the amount you get fir waiting goes up. If your still working it might be wise to wait if you can afford it because even in full retirement you’ll still be taxed on it over 16 K you earn out if SS less it went up against your SS. In other words you’ll pay it back when you could hold back and earn more every year in Jan when it’s recalculated. You can also say next year wait till June to file abd request to draw abd go back 6 months ahd get a lump sum to pay off bills, invest fir income like dividends or interest paying bonds or treasury’s or CDs or all. Including defensive gold silver physical coins and few good stocks with it. As far as Medicare IMO I took mike abd saved money in insurance. If you have to get it later you will he fined and cost more. I know a lot of people who thought they would never stop working but as your Heath changed even your job will be the same time you will likely need medical. I know people all of them regretted taking early retirement and one who now had no insurance in his 80s with a stupid excuse that others like illegals his friends said he saw in the hospital had no insurance so why should he pay. Hospital might give you basic emergency care but aren’t going to give you specific care or fis or treat things by doctor visit us or rehab if you don’t have insurance you’ll pay out of pocket and get a hospital bill. With a supplemental along with Medicare you can be covered or close with low co pays to 100 percent . But yes many took it early and when earlier then took a cut from work or it was two invoked until their spice died now one or were single though they could work forever and save but they money not invested went fast thanks to Biden now alike with everyone else. Prices went up when they were already now poverty level income on SS that didn’t go up. When the last increase wasn’t enough to make ionthe difference. Not near enough. Guess what aim saying prepare for wcs because for most people the options decline but when younger don’t know it yet. Some even if they wanted to go back to work are now unable not that they should have to. Plus if they really managed SS to earn money and how much money it could make with good management and not be stolen from which should of never been slowed so incompetence and financial idiots who think it’s their slush fund caused it. All that money invested she managed by the best could of resulted in a sustainable income of a lot more than their paying now abd not have to wait so long hoping you due to get it. Also a large portion of that money should go back to the family if you don’t live to get it but past that age of family “ kids” or were young or never had kids, Bottom like it needs to earn money and outlaw fir unscrupulous politicians to siege it. It’s theft Excuse typos on phone typing with one finger and print so shall plus those auto corrects.

[@slimdude2011]

If you're planning to keep working full time and possibly still getting health insurance from your employer, including your HSA and FSA accounts, why did you apply for your SS in the first place?

[@snoopyjc]

@@slimdude2011 I have very high medical expenses, mostly not covered by insurance, and I can use the extra money to cover them.

[@slimdude2011]

@@snoopyjc Ok, that will do.

[@TopDogDetailingSouth]

Hi I am 61 and will drawing my SSN next year. I worked for ups / military and drawing pensions from both. I also have a detailing business how I’ll guide affect my ssn check that I have gotten a print out on ?

[@brendadunnkinney1346]

I pay tax. But I still work at 67 I pay for social security continued out of my check.

[@vickilavoie737]

I do too

[@tripjet999]

It's part of "death and taxes..."

[@sharontabor7718]

If you are going to broadcast, you need visuals. A graph, chart, etc would make this more understandable for those of us that are visual learners.

[@KC-dr3cg]

The way they compute the cost of living increase apply to the way most senior citizens spend their money

[@brucesalta3271]

I think a visual aid would be helpful in this situation..

[@mamalovesthebeach437]

We have all IRA's converted or still contributing as ROTH. BUT if one spouse is still working and income is over 32K, the spouse collecting SS benefits will be taxed accordingly. Can you speak to self-employed/Solo ROTH 401k--does this differ from a ROTH or 401k when figuring income sources for social security benefits? Both my husband and myself have had an HSA for years. He spends his down, I've saved mine, untouched to use as a retirement account. I've talked to him numerous times about this strategy and he has a hard time wrapping his head around the idea. Because of the information you provided in this video I have one more nugget to present to him--tax savings in retirement when collecting SS benefits. Thanks so much for valuable and easily understood information on this topic!

[@DrBrandonSchultz]

Can HSA savings be used for LTC costs?

[@jonathanfoster2263]

So I am still employed and my wife draws a pension and social security, she draws a combined 30K per year. Would we be better to start filing separately or continue filing jointly?

[@terryneal5569]

Thanks for letting them know.

[@marchsmith-jw4kp]

If you calculate what you and your employer contributed to SS with a 5% growth annually at retirement you will receive the interest on your savings and the government gets to keep the principal to spend.

[@levimiller1301]

I don't know why the slaves complained...the bread was only a few days old.

[@k.lynnecollier7763]

You answered my question before I could ask...was the increased payors due to higher payouts from higher salaries or due to the threshold. Thank you!!

[@virginiasanmiguel9930]

I’m 63 n retired, I have been converting to Roth n paying taxes on conversion . Hoping to convert all so I’m not required to take RMD’s n my children receive tax free.

[@bryanfoxx2292]

SORRY, anyone that now inherits a ROTH, now has to pay TAXES on ALL interest earned from that ROTH, and it has to be done within a ten year period after inheritance. This is a relatively new law.

[@tinacasilli6763]

I did conversions and got hit with IRMAA tax...medicare goes back 2 years to tax you.

[@virginiasanmiguel9930]

@@tinacasilli6763 Thank You!! I’m aware of IIRMA, we get penalized for preparing for old age. Maybe they want every one depending on getting government help. I was upset that IIRMA goes back 2yrs. Ur damned if u do n ur damned if u don’t. God will provide, so tired of worrying about high taxes as a senior.

[@gmharris2010]

If a debt is written off on a senior credit card, does the senior owe taxes on the written off amount?

[@nedrgr21]

ignoring 1/2 of SS and medicare was paid by someone other than employee and never taxed

[@jeffreyboyarsky5635]

QLAC can reduce taxable income from RMDs when you reach age 73 plus.

[@AcctsPayable]

I would have liked some commentary for other than Corporate America wage slaves. Business owners that operate using a C-corp. can control their salaries or distributions, for example, or can access funds via non-taxable loans from the company, thus paying zero taxes on SS benefits.

[@levimiller1301]

Keep the public masses ignorant...they will never know they were citizens!

[@levimiller1301]

Viva la corporate merica!

[@brendaeuliss7251]

I just heard another online info group say you CANNOT use the HSA account to pay Medicare premiums!? Which is true?

[@crude4u1948]

So for us, my wife and I, I am 74 and retired, drawing social security. She is 60, still working for maybe another year. Our retirement accounts are waaaayyyyy below 100k, or maybe right at it all together. Regarding your comments about bulking up our Roth contributions, does it make a difference to how much of my SS gets taxed since our income annually is less than 100K, together?

[@georgeweier2108]

It’s 6.2 of our income that we contribute into our Social Security is taxed then we shouldn’t pay tax on that part of the Social Security that we get cause. We have already paid the taxes on it. The employer does not pay taxes on it, so that means 6.2% should be taxed so that’s a standing thing which should be mentioned right now and you should say that you’re just floundering around saying a lot of stuff talking about it HRA you’re talking about watching your income so that your Social Security doesn’t increase your income where you’ll be taxed a lot watch your tax bracket. These are all everybody knows that I think.

[@joshm3342]

If your wife contributed to a Roth while still working, it would have no effect on the total tax you pay NOW. Later, if you took money out of the Roth IRA INSTEAD of regular IRA, THAT is when you would possibly be taxed less on SS.

[@jeanieologist4456]

@@joshm3342 no they could invest in a simple Ira, and still get the benefits of paying less taxes

[@debbieevan7403]

I’m on Social Security disability and I have a thrift savings plan. I’m 62 years old and I was wondering if it would be a good idea to roll my thrift savings plan over to my Roth IRA or should I do yearly contributions?

[@HawkeyeJmf]

The marginal rate at Fed plus State is above the rate any IRA can sustain. IRA savers just take risk for the government.

[@davidpartridge9274]

I am thinking about getting supplemental G for my Medicare plan. Very high deducible. Can an HSA be used for that?

[@crude4u1948]

On the issue of the HSA- we got really soured on making contributions to the HSA as a result of when my wife left the company, she was not allowed to take the money with her that she had contributed to her HSA account. What's up with that? Also can you transfer your HSA to a new company you work for?

[@crude4u1948]

In retrospect it's possible that the account was an FSA rather than an HSA.

[@apkn1955]

How about if I withdraw enough money from my 401k to cover my tax liability on an EV purchase $7500 credit.?