Financial Learning Center
- Will You Qualify for Social Security Retirement Benefits?
- When Can You Collect Full Social Security Retirement Benefits?
- How Much Will You Collect?
- What Can Your Spouse Expect to Receive?
- What If You Want to Receive Social Security Retirement Benefits Early?
- How Much Can You Earn without Reducing Your Benefits?
- What If You Postpone Collecting Your Benefits?
- How About Inflation and Social Security?
- Will Your Social Security Benefits be Taxable?
- Auditing Your Social Security Statement
For some taxpayers, up to 50% of their Social Security benefits will be taxed, while for others, up to 85% will be taxed:
- If your total income (including tax-exempt interest and one-half of your Social Security benefits) less certain adjustments (refer to IRS Publication 915 for more information), exceeds $32,000 for a married couple filing a joint return ($0 if married filing separately and you lived with your spouse at any time during the current year) or $25,000 for everyone else, up to 50% of your Social Security benefits will be taxed.
- If your total income (including tax-exempt interest and one-half of your Social Security benefits) less certain adjustments (refer to IRS Publication 915 for more information), is over $44,000 on a married filing joint return ($0 if married filing separately and you lived with your spouse at any time during the current year), or $34,000 for everyone else, up to 85% of your benefits will be taxed.
If your income falls below the above limits, none of your Social Security will be taxed.
IMPORTANT NOTE: When deciding between investing in taxable or tax-exempt investments, keep in mind that tax-exempt interest is added back to income when determining how much of your Social Security benefits are taxable. So, if your tax-exempt interest causes your Social Security benefits to be taxable, this effectively lowers the after-tax yield of your investments—something you should consider when you make your investment decisions.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA (Opens in a new Window)/SIPC (Opens in a new Window). UniVest Financial Services is a trade name of UniBank. Infinex and UniBank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of, nor guaranteed or insured by, any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.