What percentage of your Social Security income is taxed? Mine is 85%.

[sinkingfeeling]

[Faux pas]

1. Zero

Why is yours so high?

[sinkingfeeling]

2. My income from another pension and dividends.

[Faux pas]

5. Aha

you shouldn't be penalized for making smart choices. It's disgusting that you pay a bigger percentage than the billionaire boy's club.

[PoindexterOglethorpe]

3. On the up side, you have a lot more

income than I do. 9% of mine was taxed last year. Still haven't gotten this year's back from the accountant.

[doc03]

4. I also pay tax on 85% of my SS. When I retired

14 years ago it was just a small amount but because the threshold isn't adjusted for inflation it increases every year. I am single and
get a decent defined benefit pension I am penalized for it. That is one thing I can agree with Trump on. I think that may be what won the election for him.

[jxla]

6. 48.27%

SS benefits were 39.18% of my total income for 2024

[PoindexterOglethorpe]

7. Apparently there are real advantages to being relatively poor.

Lower taxes, but a whole lot less money.

So all of you who are having much of your SS taxed, be grateful that you have that much income to be taxed. Really. Think about having significantly less income, like maybe a half or a quarter of what you currently have, and that's what I'm living on.

It does help that my financial advisor put me into various investments, not all of which are taxed, or not taxed very much.