Yes, 85% of it, unfortunately. Wish I realized it would be that way years before I did.😢
@foundryfinancial6 ай бұрын
Yep, it’s hard to fix later in life.
@user-gr6bv5lf8m4 ай бұрын
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!
@darknessfalls19562 ай бұрын
just at 85% to start really sucks that it didn't go up with inflation increases
@charlottecampbell8183Ай бұрын
If you are already retired and are living in a big house that you can't afford the upkeep on, move into a smaller "senior" apartment and rent out your bigger house, for a lot more than your senior apartment. You are now able to make repairs on the house and deduct the repairs as business expenses. You might be able to get your adjusted gross down so low that you pay no taxes at all. Then in some states you can claim your own rent off from state taxes. Where I live we can take off up to $3000 a year on state taxes. You can depreciate some of your house costs but it's a double edged sword because you can't keep as much if you sell your house, so speak to a really good tax accountant before doing that.
@tomm.8892Ай бұрын
While few people enjoy "writing" a tax check ... I prefer having a larger income that almost always will require you to pay taxes ... minimizing taxed income ... great. Having all the money to do the things I need and/or want to do -- priceless.
@pilarskifamily8995 ай бұрын
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.
@Justaguywithtruth5 ай бұрын
Ahh, So there's still companies that have pension's and 401k matches..🤔😎👍
@Silverfox-oj4cw5 ай бұрын
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!!
@elbonian11664 ай бұрын
@@Silverfox-oj4cw Not the 'real world' the rest of us live in... come into the real world..
@catchristo94063 ай бұрын
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.
@senator5583 ай бұрын
@@elbonian1166Translation: I don’t have that, so anyone that does must not live in the real world.
@swerzer6 ай бұрын
Kevin - I am so glad I came across your KZfaq 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.
@foundryfinancial6 ай бұрын
Thanks! I appreciate your kind words. It’s such a fun show.
@markreid73 ай бұрын
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.
@macmcleod11885 күн бұрын
60% of the population would not benefit from tax cuts on social security. In the 40% who would benefit have very high retirement incomes. And it would endanger the social security system for the 60% who actually need social security.
@Claimsman7019 күн бұрын
Some states don't tax SS benefits....Arizona is one of them
@spookietowne79323 ай бұрын
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.
@josephjuno95555 ай бұрын
This shows how interlinked everything is? This causes that? Withdraw too much too avoid tax or RMD causes IRRMA On Medicare? So damn complicated!
@Justaguywithtruth5 ай бұрын
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..👋😊🙏💪☝️👍
@macmcleod11885 күн бұрын
Keep in mind that the standard deduction is now 15,300. Which makes the 34,000 really 47,000.
@damienbates8 күн бұрын
We need a national pension fund to replace Social Security and it should be tax free. We can still have a type of social security insurance system that provides a disability benefit that can be a small percentage that everyone contributes towards. The current system was well intentioned but is long outdated. Every child born should have an account established with an initial fund to start taking advantage of compound interest over time. This fund would be professionally managed with strict risk tolerances. Everyone could still have other retirement options if they wanted to retire early.
@darknessfalls19562 ай бұрын
if 1000 = 1000 reg taxable income +850 social security taxable income what % are you paying? How about 22% bracket?
@user-py7wp6nw9h6 ай бұрын
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.
@foundryfinancial6 ай бұрын
Thanks! I’ll put that on my list.
@elbonian11664 ай бұрын
Yes please!! Single member LLC freelancer. this would be VERY helpful.
@Bill-vk7fh6 ай бұрын
Depreciation is good for cash flow, but if you ever sell the depreciated property, you have a 25% depreciation recapture tax.
@foundryfinancial6 ай бұрын
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.
@yannip20836 ай бұрын
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?
@foundryfinancial6 ай бұрын
That’s correct. Assuming you’re over the threshold. Also, I’d you haven’t reached FRA age there’s another consideration. kzfaq.info/get/bejne/juBdm7aWms2upZ8.html
@Justaguywithtruth5 ай бұрын
Past 70 doing full-time anything, they deserve more than a Standing Ovation👋😊💪👍
@FLOODOFSINS5 ай бұрын
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
@foundryfinancial5 ай бұрын
I’m just talking about what portion of their benefit is included in taxes from a Social Security perspective.
@learning.finances2 ай бұрын
Great Strategies. One question, you mentioned around 8:30 that holding internatonal funds in a taxable account (strategy 3) provides for a rebate and will come through as a tax deduction. Did you mean to say a tax credit instead of a tax deduction? I ask because it is considered a foreign tax credit and a tax credit is much, much better than a tax deduction. Just wondering.
@foundryfinancial2 ай бұрын
Yes! I hadn’t even noticed I said that. Yes, credit.
@TonyCossey15 ай бұрын
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.
@foundryfinancial5 ай бұрын
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.
@EastStarc7 күн бұрын
I would highly suggest to call the Social Security Adminstrarion and let them guide you. Anytime I have a question I call them because they are accurate. Devin Carroll is fabulous in knowledge also.
@1369usmc6 ай бұрын
Or retire at 55 and take 7 years to roll the IRA into a Roth.... Then draw Social Security at 62.
@elbonian11664 ай бұрын
Exactly how are you paying your bills under this scenario?
@luisahernandezmunoz83326 ай бұрын
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.😊
@foundryfinancial6 ай бұрын
You’ll want to talk with your CPA about the specifics.
@luisahernandezmunoz83326 ай бұрын
@@foundryfinancial I don’t have any
@micheleyoungblood6 ай бұрын
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
@foundryfinancial6 ай бұрын
Well it’s the provisional income, so they could make 60k+ - but I agree, they’re insanely low.
@dougadams94192 ай бұрын
States that tax Social Security in 2024 are Colorado, Connecticut, Kansas, Minnesota, Montana, New Mexico, Rhode Island, Utah and Vermont. No way to evade it. Even if it's your only income.
@aztecacalendario5 ай бұрын
If people don't pay taxes, they will not receive a refund. Paying taxes, will help those coming behind, leaving the door open.
@bjbhehir23 күн бұрын
I was told rental income doesn't count.
@foundryfinancial23 күн бұрын
Towards what, your provisional income for SS or your social security earnings?
@philip58993 ай бұрын
How to avoid pay SS tax - 1. don’t take SS 😂. 2. Take IRA or 401K, pay tax on that 😂. Brilliant advices 😂
@Flyhighcg2 ай бұрын
I came here looking to get out of paying social security. I don’t like paying for leeches that sold me down the river
@liammclaughlin288123 күн бұрын
There's no way to avoid the tax. It's the formula for the tax. Don't say "how to pay zero". What a waste of a time.
@Bum_Hip3 ай бұрын
:30 thank you President Reagan.
@mcdonoughjohn252 ай бұрын
Only 48% of people make it to age 70
@foundryfinancial2 ай бұрын
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%.
@user-pu2ho4ip3d5 ай бұрын
One way is, Never take social security.
@foundryfinancial5 ай бұрын
Ha. True
@Bum_Hip3 ай бұрын
Or take it, and donate all of it to charity maybe.