Broker Check

Social Security and Taxes

Let me just say right here, that you really should attend one of our Maximizing Social Security workshops. Tuition is free, Although we do charge a minimal materials fee. In the workshop we cover taxation of benefits in depth as this is a very important element of Social Security and will affect just about every person who claims benefits, especially if you live in a high tax state like California.

When you claim Social Security you expose yourself to a new tax: The Provisional Income Tax. This tax is determined by how much of your Social Security benefit is taxable for you. Social Security benefits by themselves are not taxable; if your only source of income is Social Security, you may not have any tax liability. Unfortunately if you have other sources of income, those other incomes could cause a portion of your Social Security benefits to become taxable.

  • How provisional income affects taxation
  • Your provisional income and your tax filing status decide whether, and how much, your Social Security benefits are taxed

At Retirement Income Specialists, we host Social Security educational workshops where you can learn all the pitfalls and stumbling blocks that could derail your retirement plans.   Be sure to check out the EVENTS tab on this website for our upcoming Maximizing Social Security workshops.  Registration is MANDATORY.  Anyone failing to register for a Social Security class in advance may be denied entrance.

Free Retirement Guide

It's never too soon to start preparing for retirement. But do you know what to look out for? Download our free ebook, "Retire Happy: A Simple Guide to Your Next Big Adventure."

Thank you! Oops!