Unlocking Your Financial Future
Business:Investing
Let’s wrap up our four-part series on Social Security misunderstandings by talking about the dreaded ‘T’ word. After years of paying the government, you might not think that you have to send more money their way when you start claiming your benefits. We’re going to clear up that subject today by explaining how taxes are calculated for an individual’s Social Security and how we work with our clients to lessen that burden.
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-17-do-you-have-to-pay-taxes-on-social-security-benefits/
Today's Rundown:
0:35 – What goal has Ben set for 2020?
1:59 – Previewing our discussion on taxes.
2:26 – In the News: Charles Schwab announced they’ll soon allow clients to buy and sell fractions of stocks. Why would a person want to do this instead of buying an entire share?
4:05 – In the News: A Pennsylvania couple is facing felony charges after their bank accidentally put $120K into their account and they went out and spent it all.
6:25 – On to the main topic on Social Security. The misunderstanding is that you don’t have to pay taxes on Social Security benefits.
6:48 – Anywhere from 0-85% of your benefits can be viewed as taxable income.
7:28 – So how can we determine what our personalf tax obligations are going to be?
10:00 – Not every state taxes Social Security. Ohio is one of those states.
10:25 – What are some ways we can offset taxes to decrease the amount we’ll pay?
Updates From The Annual Social Security Trustees Report (Part 2)
Updates From The Annual Social Security Trustees Report (Part 1)
Behind Baskets Galore with Deborah and Hannah Wasylko (Part 2)
Behind Baskets Galore with Deborah and Hannah Wasylko (Part 1)
The Kitchen 212 Journey with Mike and Mandy Hamlin (Part 2)
The Kitchen 212 Journey with Mike and Mandy Hamlin (Part 1)
2023 Wrap Up: Market Predictions for 2024 (Part 2)
2023 Wrap Up: End of Year Market Update (Part 1)
Financial Planning for 2024: Retiring in the New Year (Part 2)
End of Year Financial Planning Strategies For 2023 (Part 1)
Roth IRAs and Conversions Explained (Part 2)
Roth IRAs and Conversions Explained (Part 1)
Celebrating a Decade of Marriage and 11 Years In Business
Your TD Ameritrade – Charles Schwab Transition Questions Answered
Chatting with Realtor Amanda Ondrey: The State Of The Real Estate Market (Part 2)
Chatting with Realtor Amanda Ondrey: Building An All-Female Team (Part 1)
Ep 110: Estate Planning, Business Ownership And Beyond with Joel Cavanaugh (Part 2)
Ep 109: Estate Planning, Business Ownership And Beyond with Joel Cavanaugh (Part 1)
Ep 108: Financial Planning During Market Loss with Dan Oaklief (Part 2)
Ep 107: Financial Planning During Market Loss with Dan Oaklief (Part 1)
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