Millions of older Americans live solely on a Social Security check.
And while other Americans rely mostly on workplace retirement plans like a 401(k) or an individual retirement account (IRA),
these monthly benefits from the government can make or break your retirement.
Let’s take a look at how your Social Security is taxed after age 70.
For more help figuring out how Social Security will fit into your personal retirement planning journey, consider working with a financial advisor.
Social Security is a government program created in 1935 as a part of President Franklin Delano Roosevelt’s New Deal, a series of programs designed to fight the Great Depression.
Social Security is considered by most people to be the cornerstone of America’s social safety net.
Social Security sends monthly checks to Americans who have reached retirement age, currently set at 66.
The amount of money you get each month depends on how much money you earned during your career and how old you were when you retired.
The program is funded by Social Security taxes taken out of each American worker’s paychecks.
The average monthly check in 2022 is for $1,658, and the maximum check is for $3,345.