“In 1980 a new tax law was put into place that taxed up to 50 percent of a person’s Social Security income in retirement. In later years another threshold was put into place to tax higher amounts of income at up to 85 percent. So, even though these Social Security income strategies could increase your income, they may be partially taken back by the government in the form of additional taxes. The original intent of the law was to tax the rich. The thresholds that must be reached were made high enough to achieve that goal at that time. However, inflation has watered down those thresholds to the point that most middle class people may now be affected by those rules.” - Ken Davis, CLU, ChFC, CFP, CPA.
Ken and I talk through the taxation issues that drive seniors crazy.
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Steve Savant is the host of the daily producer show, Let’s Get Down to Business, and the weekly consumer show, Steve Savant’s Money, the Name of the Game. Steve is the number one online author and videographer of insurance content. During his 30-year career in the financial services industry,... More
Steve Savant recently shared that How to vet an advisor with nationally recognized industry consultant and Top of the Table & Forum 400 producer Chuck Hollander on Steve Savant's Money, the Name of the Game.