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Social security is intended to be paid to those who have no independent income (from a job or inheritance etc). If a person has a sum of money in savings or whatever - they don't need social security to help them out - they should use up their savings first !
Wiki User
∙ 10y ago
Reducing social security benefits for high-income individuals is often suggested as a way to address concerns about the long-term sustainability of the program. Proponents argue that this approach would help ensure that benefits are targeted to those who need them most, as high-income earners are more likely to have other forms of retirement savings. Additionally, lowering benefits for high-income individuals could also help alleviate the financial strain on the program and potentially extend its solvency.
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You have unclaimed property Will claiming it reduce your social security retirement check?
No. Social Security retirement (vs. SSI) is not based on income or assets.
How do I know if I have Social Security Supplemental Income or Social Security Disability Income?
One should contact their local welfare office to see if their social security is supplemental or disability.
Are rental investments considered income for social security?
They are income but they do not require you to pay social security on that income.
does Mississippi Tax Social Security Income?
No, the state of Mississippi does not tax Social Security benefits at the state level. Therefore, Social Security income is not subject to Mississippi state income tax.
Is social security considered income for v.a pension?
Social Security Retirement & Social Security Disability Insurance (SSDI) are. Supplemental Security Income (SSI) are not.
Is there federal tax on social security income?
This depends on what your other income is besides your Social Security Income. Dependent on your filing status and other income your Social Security Income can very likely be partially taxable. Up to a maximum of 85% of your Social Security income can be taxable on your Federal Tax Return.
Do monthly retirement checks reduce social security checks?
No the retirement income is not a EARNED income. And the amount of your retirement income that you receive during the year would NOT be included in the earnings test amount that could reduce your SSB amount for the year.
Can a husband who has a felony collect social security for his wife if she is in a nursing home?
Usually the nursing home uses the social security income as payment for services. Possibly you could have your social security payments (if you are at least 62) based on her income levels. You should plan to either work or find another means of income.
Is annuity income counted against social security income limits?
A regular annuity which is not a 401K is counted against social security income limits.
How is Social Security an example income redistribution?
Social Security is an example of income redistribution by taking a small amount of earned income and storing it over time.
Does an employee who is currently receiving social security income and is also employed have to pay social security taxes on his new income?
Yes
Does your wife's income affect your social security?
Absolutely. It affects her Social Security only.
