{"id":393,"date":"2022-03-02T06:00:44","date_gmt":"2022-03-02T06:00:44","guid":{"rendered":"https:\/\/www.tracadvisorgroup.com\/?p=393"},"modified":"2022-03-02T03:40:24","modified_gmt":"2022-03-02T03:40:24","slug":"does-social-security-count-as-retirement-income","status":"publish","type":"post","link":"https:\/\/www.tracadvisorgroup.com\/retirement-planning\/does-social-security-count-as-retirement-income\/","title":{"rendered":"Does Social Security Count As Retirement Income?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Even in retirement, you must file taxes, but that\u2019s not bad news, which most take as such. Since 1935, a federal safety net has blanketed the country for the elderly, unemployed, and disadvantaged U.S. citizens. Social Security graces qualified retirees and their families with \u201creplacement income.\u201d\u00a0<\/span><\/p>\n<p><strong><a href=\"https:\/\/www.tracadvisorgroup.com\/retirement-planning\/how-to-build-the-right-retirement-portfolio\/\" target=\"_blank\" rel=\"noopener\">Are you retiring now, or soon will be?<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">For retirees over the age of 65, rest assured that you can receive financial benefits based on your lifetime payroll tax contributions. The <\/span><strong><a href=\"https:\/\/www.ssa.gov\/benefits\/retirement\/\" target=\"_blank\" rel=\"noopener\">Social Security Administration<\/a><\/strong><span style=\"font-weight: 400;\"> (SSA) says that \u201cthis funding is part of the retirement plan for almost every American worker.\u201d\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\"><a href=\"https:\/\/www.tracadvisorgroup.com\/quick-guides\/\" target=\"_blank\" rel=\"noopener\"><b><i>Are you getting ready to receive Social Security? A financial advisor in Norman, OK, can help you plan and save for retirement!<\/i><\/b><\/a><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Read on to understand better how social security retirement benefits function as retirement income.<\/span><\/p>\n<h2><\/h2>\n<h2><b>What is Social Security?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">What tells the government how much to pay you each month? Your Social Security record includes earned income, wages, or net income from self-employment. You have a history of earnings that defines your new paycheck.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wages that cover you in Social Security were withheld from \u201cSocial Security\u201d or \u201cFICA.\u201d For years, you have more than likely paid into the Social Security system automatically from each paycheck, setting you up for retirement on the backend of your working days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><strong><a href=\"https:\/\/www.ssa.gov\/benefits\/retirement\/planner\/annuities.html\" target=\"_blank\" rel=\"noopener\">SSA<\/a><\/strong><span style=\"font-weight: 400;\"> informs: <\/span><i><span style=\"font-weight: 400;\">\u201cPension payments, annuities, and the interest or dividends from your savings and investments are not earnings for Social Security purposes. <\/span><\/i><b><i>You may need to pay income tax, but you do not pay Social Security taxes<\/i><\/b><i><span style=\"font-weight: 400;\">.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Citizens pay nothing on Social Security benefits if their total income is under $25,000. However, they must pay federal income taxes on their benefits IF they have other substantial income on top of their benefits. This includes wages, self-employment, interest, dividends, or other income to be reported and taxed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You must pay tax on 85% of your Social Security benefits, based on <\/span><strong><a href=\"https:\/\/www.ssa.gov\/benefits\/retirement\/planner\/taxes.html\" target=\"_blank\" rel=\"noopener\">these rules as defined by the Internal Revenue Service (IRS)<\/a><\/strong><span style=\"font-weight: 400;\">:<\/span><i><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">File a federal tax return as &#8220;individual,&#8221; and your combined income* is<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b><i>$25,000 or lower: <\/i><\/b><i><span style=\"font-weight: 400;\">you do not have to pay income tax on your benefits<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b><i>$25,000 \u2013 $34,000<\/i><\/b><i><span style=\"font-weight: 400;\">: you may have to pay income tax on up to 50% of your benefits<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b><i>$34,000+<\/i><\/b><i><span style=\"font-weight: 400;\">: up to 85% of your benefits may be taxable<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">File a joint return, and you and your spouse have combined income* that is<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b><i>$32,000 \u2013 $44,000<\/i><\/b><i><span style=\"font-weight: 400;\">: you may have to pay income tax on up to 50% of your benefits<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b><i>$44,000<\/i><\/b><i><span style=\"font-weight: 400;\">+: up to 85% of your benefits may be taxable<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Married and file a separate tax return, you will probably pay taxes on your benefits<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The <\/span><strong><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p915.pdf#page=16\" target=\"_blank\" rel=\"noopener\">IRS worksheet<\/a><\/strong><span style=\"font-weight: 400;\"> helps figure out your total income taxes due if you do or will receive Social Security benefits. We understand that <\/span><i><span style=\"font-weight: 400;\">may<\/span><\/i><span style=\"font-weight: 400;\"> and <\/span><i><span style=\"font-weight: 400;\">probably<\/span><\/i><span style=\"font-weight: 400;\"> are not solid enough to feel confident when planning your retirement; that\u2019s why it\u2019s essential to gain financial advice.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After looking at your finances, we know what will affect your benefit amount right away, so don\u2019t wait any longer. <\/span><a href=\"https:\/\/www.tracadvisorgroup.com\/about-us\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><strong>Learn more about us<\/strong><\/span><\/a><span style=\"font-weight: 400;\"> to begin a safe path to retirement.<\/span><\/p>\n<h2><\/h2>\n<h2><b>Determining your Primary Insurance Amount (PIA)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A big list item to begin is figuring out your PIA. You can receive this benefit if you elect to start receiving retirement benefits at your <\/span><strong><a href=\"https:\/\/www.ssa.gov\/oact\/ProgData\/nra.html\" target=\"_blank\" rel=\"noopener\"><i>normal retirement age<\/i><\/a><\/strong><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What does this help you determine?\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you retire early, your benefit reduces<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you delay retirement, your benefit increases<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Determining your PIA is vital to help you make your retirement age decision if life grants you that option. Three percentages (portions of average indexed monthly earnings) are added to determine your PIA.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The portions depend on when you:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Turn 62<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Become disabled before 62<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pass away before 62<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Due to the Coronavirus Covid-19 updates, these portions (bend points) in the formula are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The first $1,024<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount between $1,024 and $6,172\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount over $6,172<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">See the <\/span><strong><a href=\"https:\/\/www.ssa.gov\/oact\/cola\/piaformula.html\" target=\"_blank\" rel=\"noopener\">2022 PIA formula<\/a><\/strong><span style=\"font-weight: 400;\"> to read more on becoming eligible for old-age insurance benefits or disability insurance. Again, we know it can be overwhelming, so don\u2019t do it alone. <\/span><strong><a href=\"https:\/\/www.tracadvisorgroup.com\/planning-your-successful-retirement-investment-strategy-in-norman-oklahoma\/\" target=\"_blank\" rel=\"noopener\">TRAC Advisor Group Inc.<\/a><\/strong><span style=\"font-weight: 400;\"> is here to help with retirement financial services and much more!<\/span><\/p>\n<h2><\/h2>\n<h2><b>Full Retirement Age (FRA) vs. Normal Retirement Age (NRA)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As mentioned above, you can earn more from benefits if you retire later, at your Full Retirement Age. This is the same thing as Normal Retirement Age. If you plan to retire early, you will lose some of your SS benefits. This will help you determine that to get the ball rolling.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your birthday and <\/span><strong><a href=\"https:\/\/www.ssa.gov\/oact\/progdata\/nra.html\" target=\"_blank\" rel=\"noopener\">this NRA chart<\/a><\/strong><span style=\"font-weight: 400;\"> will help you determine both. Enter your birthday, and it will calculate for you!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s a quick overview to determine your FRA\/NRA. If you were born:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">1937 and prior, your FRA\/NRA is 65<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">1939 \u2013 1959, your FRA\/NRA varies (as numbers have slowly increased over time)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">1960 and later, your FRA\/NRA is 67<\/span><\/li>\n<\/ul>\n<h2><\/h2>\n<h2><b>Early Retirement (age 62)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As mentioned above, retiring early will cost you benefits; doing so can result in a reduction of up to 30%. If <\/span><strong><a href=\"https:\/\/www.ssa.gov\/oact\/quickcalc\/early_late.html\" target=\"_blank\" rel=\"noopener\">retiring early<\/a><\/strong><span style=\"font-weight: 400;\">, your benefit is reduced 5\/9 of 1% for each month before NRA, up to 36 months. If exceeding 36 months, the benefit is further reduced by 5\/12 of 1% per month.<\/span><\/p>\n<h2><\/h2>\n<h2><b>Late Retirement (up to age 70)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Delaying your FRA and claiming later will increase your benefits by 8% each year. Maximum benefits can be claimed at the max-age of 70. Benefits won\u2019t advance past this age.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\"><a href=\"https:\/\/www.tracadvisorgroup.com\/quick-guides\/\" target=\"_blank\" rel=\"noopener\"><b><i>What feels right? Will you retire early, late, or \u201cright on time?\u201d TRAC is here to simplify the retirement process for you!<\/i><\/b><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Connect with a wealth management advisor to get ahead in the <\/span><a href=\"https:\/\/www.tracadvisorgroup.com\/the-importance-of-retirement-income-planning\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><strong>retirement savings process<\/strong><\/span><\/a><span style=\"font-weight: 400;\">! You deserve to ease into your golden years with long-term confidence and gratitude for yourself and the systems in place to live well.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/info.tracadvisorgroup.com\/ebook-offer-common-questions-about-diversifying-your-investment-portfolio\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-245\" src=\"https:\/\/www.tracadvisorgroup.com\/wp-content\/uploads\/2021\/11\/TRAC-CTAs-01-300x129.jpg\" alt=\"\" width=\"788\" height=\"339\" srcset=\"https:\/\/www.tracadvisorgroup.com\/wp-content\/uploads\/2021\/11\/TRAC-CTAs-01-300x129.jpg 300w, https:\/\/www.tracadvisorgroup.com\/wp-content\/uploads\/2021\/11\/TRAC-CTAs-01-1024x439.jpg 1024w, https:\/\/www.tracadvisorgroup.com\/wp-content\/uploads\/2021\/11\/TRAC-CTAs-01-768x329.jpg 768w, https:\/\/www.tracadvisorgroup.com\/wp-content\/uploads\/2021\/11\/TRAC-CTAs-01-1536x658.jpg 1536w\" sizes=\"(max-width: 788px) 100vw, 788px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><b><i>TRAC Advisor Group Inc.<\/i><\/b><i><span style=\"font-weight: 400;\"> is a full-service, fee-based financial advisory firm in Norman, OK. We offer <\/span><\/i><strong><a href=\"https:\/\/info.tracadvisorgroup.com\/ebook-offer-common-questions-about-diversifying-your-investment-portfolio\" target=\"_blank\" rel=\"noopener\"><i>independent investment advice<\/i><\/a><\/strong><i> <\/i><i><span style=\"font-weight: 400;\">and help people withstand any type of market volatility with confidence.\u00a0<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">As an independent investment advisor, we can offer alternative investments like numismatics and precious metals to diversify and hedge against uncertain times. With a straightforward and direct planning style, you can trust that we\u2019ll keep you on track towards your financial goals.\u00a0<\/span><\/i><\/p>\n<p><strong><a href=\"https:\/\/www.tracadvisorgroup.com\/blog\/\" target=\"_blank\" rel=\"noopener\"><i>Explore our <\/i><i>new website<\/i><\/a><\/strong><i> <\/i><i><span style=\"font-weight: 400;\">and <\/span><\/i><strong><a href=\"https:\/\/www.tracadvisorgroup.com\/contact-us\/\" target=\"_blank\" rel=\"noopener\"><i>Contact Us<\/i><\/a><\/strong><i><span style=\"font-weight: 400;\">\u00a0today to schedule a consultation today.\u00a0<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even in retirement, you must file taxes, but that\u2019s not bad news, which most take as such. Since 1935, a federal safety net has blanketed the country for the elderly, unemployed, and disadvantaged U.S. citizens. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[2],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Does Social Security Count As Retirement Income? - TRAC Advisor Group<\/title>\n<meta name=\"description\" content=\"Find out if you should include Social Security in your retirement plan, and learn how it compares to other types of income.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tracadvisorgroup.com\/retirement-planning\/does-social-security-count-as-retirement-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Does Social Security Count As Retirement Income? 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