Adding a Social Security and Medicare Safety Net Into Your Retirement Plan

CAN SOCIAL SECURITY RETIREMENT BENEFITS BE TAXED? In some cases, Social Security retirement benefits will be taxed. This depends on several factors, such as whether you have reached your full retirement age and receive income from other sources. Tax on your Social Security retirement income can also be dependent on how you file your annual income tax return (such as individual, married filing jointly, or married filing separately). For example, you could have to pay tax on a percent of your Social Security benefits (in 2021) if you meet any of the following criteria: • You file a federal tax return as an individual, and your combined income is: ▶ Between $25,000 and $34,000 (up to 50% of your benefits may be taxable) ▶ More than $34,000 (up to 85% of your benefits may be taxable) • You file a joint tax return, and you and your spouse have a combined income that is: ▶ Between $32,000 and $44,000 (up to 50% of your benefits may be taxable) ▶ More than $44,000 (up to 85% of your benefits may be taxable) • You’re married, and you and your spouse file separate income tax returns.

HOW TO MAXIMIZE SOCIAL SECURITY INCOME There are hundreds of combinations for receiving Social Security guaranteed retirement income benefits. Using various strategies, you could substantially increase the safe money income you receive through Social Security. Some of the ways to increase your Social Security income include: • Waiting until your full retirement age – or even later – to file for your benefits • Working for at least 35 years (so there are no zeroes in your benefit calculation) • Maximizing your earnings while you’re still working • Minimizing your taxable income if you claim Social Security income before you have reached your full retirement age and you are also bringing in income from other sources LOOKING FOR WAYS TO MAXIMIZE YOUR SOCIAL SECURITY INCOME? VISIT www.certifiedsafemoney.com TO FIND THE HIGHEST-RATED SAFE MONEY EXPERTS IN YOUR AREA.

*Note that your combined income equals your adjusted gross income plus any non-taxable interest earned, plus one-half of your Social Security benefits.

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