Why Social Security benefit taxation can affect your retirement- Let's Get Down to Business

There are two that often are confusing: the earnings test and the actual tax of benefits. The earning test may reduce benefits at age 62 by $1 for every $2 earned above $15,720 under current regulation. At full retirement benefits may be reduced by $1 for every $3 earned above $41,880 under current regulation. In this episode, Tom cites what counts and doesn't count as wages. Remember the benefits are not lost, just deferred.

The taxation of Social Security Benefits depends on your adjusted gross income, tax free income and half the Social Security Benefit itself. But keep in mind that the real tax calculation uses modified adjusted gross income plus non taxable interest and 1/2 of Social Security income combined. Before moving forward with any of Tom's ideas or numbers, always check with your tax adviser.

Syndicated financial columnist and talk show host Steve Savant interviews author, platform speaker and PBS television media guest Tom Hegna, CLU, ChFC, CASL. This is episode 5 of 5 in the series, Managing Social Security Benefits, America’s #1 Retirement Plan. Tom's books: Paychecks & Playchecks, Retirement Income Masters and Don't Worry, Retire Happy. https://youtu.be/ZaPxDO6SXJ8

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