How to Pay ZERO TAXES on Social Security | 7 Simple Strategies
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- Опубліковано 10 чер 2024
- 🧮 *SOCIAL SECURITY BENEFIT TAX CALCULATOR*: foundryfinancial.org/how-much...
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Are you concerned about the increasing taxation of your Social Security benefits?
In this video, Kevin discusses the historical context of Social Security taxation, explaining its evolution since 1984 and its impact on retirees today. With a significant number of Social Security recipients now subject to taxation, understanding the mechanics of this process has never been more crucial.
In this video we'll cover:
How Social Security Is Taxed
Social Security Provisional Income
Social Security Tax Thresholds
Strategies to Reduce Social Security Taxes
Real-Life Examples
00:00:00 Introduction
00:01:43 How are Social Security Benefits Taxed?
00:02:37 What are the Tax Thresholds for Social Security Benefits?
00:04:23 Social Security Tax Calculator Example
00:05:53 How Do You Avoid Paying Tax on Your Social Security Benefits?
00:06:34 Strategy 1
00:07:09 Strategy 2
00:08:00 Strategy 3
00:08:47 Strategy 4
00:09:40 Strategy 5
00:11:17 Strategy 6
00:11:47 Strategy 7
00:12:29 Conclusion
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ABOUT ME
I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.
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⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome
Is your Social Security benefit being taxed?
Sadly yes@ 85 percent every year
Yes, 85% of it, unfortunately. Wish I realized it would be that way years before I did.😢
Yep, it’s hard to fix later in life.
Is the Social Security Benefit on the calculator the gross dollar amount paid by S.S. or net amount (less Part B premium? ) Thank you!
just at 85% to start really sucks that it didn't go up with inflation increases
Kevin - I am so glad I came across your UA-cam videos. They are very helpful and informative so thanks for posting. BTW, I'm a big Modern Family fan too. Favorites are the Pritchett kids Claire and Mitchell.
Thanks! I appreciate your kind words. It’s such a fun show.
This shows how interlinked everything is? This causes that? Withdraw too much too avoid tax or RMD causes IRRMA On Medicare? So damn complicated!
Thanks for sharing knowledge to help others, people will remember this and seek out your help down the Road.. I just did this after 12 yrs with a home restore company, except this time the Son was running the show and his did was the guy that helped me 12yrs ago..👋😊🙏💪☝️👍
Pension? Only people i know who have pensions any more is government employees or union employees. The rest of us are living in the real world.
60k in SS ??? My parents together were under 36k. Wow.
Ahh, So there's still companies that have pension's and 401k matches..🤔😎👍
The real world is when one works for an international organization for 30 years. At re end of that tenure yo receive the deserved pension which you paid into during that tenure!! Educate yourself before you spew nonsense!!
@@Silverfox-oj4cw Not the 'real world' the rest of us live in... come into the real world..
Hubby has two pensions for working for a public hospital and school system. Between his pensions and our SS, we will have an annual income of close to $100k per year once he retires at 70 outside of our retirement savings. Before 70, we will pull in at least $55k. So, pensions are still out there.
@@elbonian1166Translation: I don’t have that, so anyone that does must not live in the real world.
Thank you for an informative video. My situation is probably as simple as they come. I quit working at 65 & hoping to delay taking my SS until 70. At that point my wife will be at her FRA & her SSD will turn into to the standard SS benefit. She will then qualify for 50% of what my FRA was & that will be more than hers. SS will be our only income. I was a high earner so our combined SS will come close to $85,000 annually. We have no debt & should be able to live fairly comfortable on that. Your calculator shows that we will only owe a few hundred in Federal taxes. I'm sure bridging through all of our savings to get to 70 is not what most people should do but it will work for us.
great video . Can you make onefor freelancers? You're in CA, where there are a lot of them. How do you save with a freelance work? How do you have a 401k, a HSA, etc.
Thanks! I’ll put that on my list.
Yes please!! Single member LLC freelancer. this would be VERY helpful.
Hi Kevin, Am I right with this >>> If someone continues to work full time past age 70 and at the same time collects SS pension, does that mean that 85% of the SS pension will be added to the full-time income, and IRS will tax the grand total (full-time income + 85% of SS pension) accordingly, right?
That’s correct. Assuming you’re over the threshold. Also, I’d you haven’t reached FRA age there’s another consideration.
ua-cam.com/video/Xz-hSe5gJuk/v-deo.html
Past 70 doing full-time anything, they deserve more than a Standing Ovation👋😊💪👍
I receive VA disability compensation and am paid at a rate higher than 100%. My annual compensation is $51,799. If I do not work and also receive my Social Security retirement... does my VA disability compensation have any affect on if and how much my SS retirement is taxed? I forgot to mention that I am single, if that matters.
That’s a tricky one. It’s my understanding that since your VA disability compensation is not considered part of your gross income, it won’t directly impact this calculation. However, any other income you have, including tax-exempt interest and other benefits, may affect whether your Social Security benefits are taxable.
Or retire at 55 and take 7 years to roll the IRA into a Roth.... Then draw Social Security at 62.
Exactly how are you paying your bills under this scenario?
I have a question about taxable accounts and international companies I have in my brokerage account with fidelity 2 companies that are international so give me your opinion one is call Medtronic which their headquarters are in Dublin Ireland y the other one is Linde I don’t know which country they are but since you say I can get some type of credit if I over load can I leave these companies in my account and every year when I receive my form I shouldn’t worry to pay fees or penalties because it’s a foreign company or what can I do with these companies thanks ahead of time for your answer.😊
You’ll want to talk with your CPA about the specifics.
@@foundryfinancial I don’t have any
if 1000 = 1000 reg taxable income +850 social security taxable income what % are you paying? How about 22% bracket?
In the first example you say they only make $30,000 which is half of 60,000. You say they don't have to pay any taxes on social security but then you don't mention anything about standard deductions and that they actually do have to pay taxes even if that's their only income. This is why people get so confused
I’m just talking about what portion of their benefit is included in taxes from a Social Security perspective.
Depreciation is good for cash flow, but if you ever sell the depreciated property, you have a 25% depreciation recapture tax.
That is very true - if you sell. But, often real estate becomes multi-generational. But, you’re correct and it often catches people by surprise.
How to avoid pay SS tax -
1. don’t take SS 😂.
2. Take IRA or 401K, pay tax on that 😂.
Brilliant advices 😂
If we want to do a tax cut, do it on all SS payments. That’s 500 billion over 10 years. The trump tax cuts were 2 trillion over 10 years. I can guarantee you the tax cuts on all SS checks would be more popular.
I came here looking to get out of paying social security. I don’t like paying for leeches that sold me down the river
If a couple majes less than $32000 in todays environment they would be considered below the poor theshhold I would think. These numbers are ridiculous. Same for single person
Well it’s the provisional income, so they could make 60k+ - but I agree, they’re insanely low.
If people don't pay taxes, they will not receive a refund. Paying taxes, will help those coming behind, leaving the door open.
:30 thank you President Reagan.
Only 48% of people make it to age 70
That’s false, at least in the US. I don’t know the global numbers. In the US if you remove infant mortality, your chance of living to 70 is over 80%.
One way is, Never take social security.
Ha. True
Or take it, and donate all of it to charity maybe.