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Yes some Social Security benefits are taxable
Many retirees do get a rude awakening when filing income taxes each year. “I have to pay income tax on my Social Security, many ask.” The answer is “yes, in some cases”. The total due the IRS is dependent on income, but up to 85% of benefits are taxable. The amount where taxation begins has not been indexed for inflation since 1993. Hence, more middle income retirees are bumping up against a threshold once thought of as only for “wealthier” retirees. Read more in this Kiplinger’s article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.