Most Social Security beneficiaries have to pay a portion of their benefits taxed as income.
Luckily, there isn’t a tax on all of received benefits. Instead, there is a portion of the benefits that could be subject to being taxed as income. The size of this portion will vary based on various factors, Investopedia reports. One of these factors includes the individual’s current total gross income.
If taxing Social Security benefits as income causes you to feel some discomfort or unease, be reassured, you’re not alone.
We at Senior Security Alliance feel the same way. Seniors earned that money. They deserve it. And that is why we are looking to completely eliminate taxing Social Security benefits as income, as outlined in our bill.
Our bill, The Senior Citizens Bill of Rights, seeks to help create a more financially secure future for senior citizens. Find out how to help urge the politicians in Washington to pass the bill here.