Social Security benefits are a staple of funding one’s retirement needs. However, these benefits along with your life savings may not be enough to fund your retirement or perhaps you never want to stop working which is why some individuals may choose to continue working and take Social Security benefits.
One would think that after years of contributing into Social Security, the benefits received would be tax-free. While to a certain extent they are, determining the taxability of Social Security benefits is dependent on the answers to a few questions. Below we go over what these questions are with an example of a situation where benefits may be taxed.
For working and retired individuals, Social Security is a major piece of the retirement puzzle. This stream of guaranteed income is an ever-changing program that is tweaked annually to ensure that one can continue to rely on the benefits being a staple of financial support. On an annual basis, the following are some of the changes that are made:
As we move more into a cyber-centric world, so to comes the likelihood of fraud. Protecting oneself against these attempts requires constant vigilance. Social security numbers, which are the gateway for most pieces of online information, are typically what scammers go after first. Should one’s personal information be compromised, the damage that can be done can be severe and possibly irreversible.