In this one-minute moment, Dr. Friday addresses a common question: Are Social Security benefits taxable after retirement? Dive in to understand the circumstances under which these benefits may be taxed and the potential implications of other income sources on your Social Security. Avoid common misconceptions and ensure you’re informed about your financial obligations.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Question that came in says I’ve retired last year and started receiving Social Security payments. Do I have to pay tax on my Social Security benefits? Assuming that this person has retired at their full retirement age, then they don’t have any other income the answer would be no. Social Security is only taxed when you have other income but if they have retirement, pensions, stock sales, dividends, any of those things, then they could have taxes up to 85% of their Social Security benefits. Very important to put it on. I’ve handled more than one case where someone did not think Social Security was taxable at all. You need help? Set up an appointment. DRFriday.com.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.