Ease the tax bite on Social Security Benefits

Many people are not even aware of the possible income tax on their Social Security benefits. The tax on Social Security benefits depends on your total income and marital status. Form SSA-1099, which Social Security recipients should receive by January 31, shows the recipient’s total benefits. To determine how much tax you will owe, add 1/2 your SS benefits to all other income, including tax-exempt interest. If this amount is greater than the base amount for the filing status, a part of the benefits will be taxable.

The base amounts that will cause 50% of the benefits to become taxable are:

• $25,000 for single, head of household, or qualifying widow/widower with a dependent child
• $25,000 for married individuals filing separately who did not live with their spouses at any time during the year
• $32,000 for married couples filing jointly
• $0 for married persons filing separately who lived together

But, according to the IRS, up to 85% of the benefits can be taxable if either of the following situations applies:
• The total of one-half of the benefits and all other income is more than $34,000 ($44,000 if married filing jointly).
• You are married, filing separately and lived with your spouse at any time during the year.

THE BOTTOM LINE:
Tax savings should be an important consideration when comparing investments. In the case of immediate annuities, you may find the after-tax return on your money could be greater than what is available from other conservative fixed-income investments. In addition, you can get an income that you can’t outlive.

We can show you ways to cut or eliminate the tax on your Social Security! Call the office for your free consultation!!

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James H Willis, III– Financial Planner -Insurances

Getting older isn’t for sissies!

bc sunnyMost people won’t seek help until their hair is on fire!

Here’s a startling fact: Today’s baby boomers will live 40-50 years beyond retirement.  For some, that’s longer than they were in the work force!

As the last self-sufficient generation in America, we are expected to maintain control of our physical and financial well being.  We must learn how to maximize assets and utilize all  possible benefits in order to remain independent.

In a split second, you can become one of 65 million Americans who is caring for a loved one, spending thousands of dollars annually and taking as much as 10 years off your life!

Where do you go for help?

Search our website for the help you need.

From being downsized at the job–to preparing final arrangements for a loved, we’ve all been there!  We know how costly it can be to make the wrong choices or fail to plan for the inevitable.

Our goal is to help others navigate through the maze of growing older in America while living well in our community.  With some forethought and planning, your hair will remain intact!