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Community Manager
AARPLynne
Posts: 527
Registered: ‎10-11-2007

How Have Social Security Changes in 2014 Impacted You?

[ Edited ]

Are you up-to-date on Social Security changes in 2014 regarding retirement benefits, cost-of-living adjustment, SSI and more? For more info on this, read AARP's "Social Security Changes in 2014".

 

How have these Social Security changes impacted you?

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Frequent Social Butterfly
gd2988
Posts: 1,456
Registered: ‎04-30-2014

Re: How Have Social Security Changes in 2014 Impacted You?

I don't suppose that you could give us a clue what changes you're alluding to.

~~~
The combined power of our nuclear warheads is 250,000,000,000 tons of TNT. That’s the Hiroshima bombing TWELVE MILLION TIMES.
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Valued Social Butterfly
GailL1
Posts: 3,590
Registered: ‎08-18-2008

Re: How Have Social Security Changes in 2014 Impacted You?

What changes?
All I see are the normal ones that adjust each year based on some adjusted property.
Take your pick of the info that has been put out by the SSA.

http://www.ssa.gov/pubs/EN-05-10003.pdf

http://www.ssa.gov/news/press/factsheets/colafacts2014.html

http://www.ssa.gov/pressoffice/factsheets/colafacts2014.pdf
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Info Seeker
rp74202314
Posts: 1
Registered: ‎05-21-2014

Re: How Have Social Security Changes in 2014 Impacted You?

How come no one mentions the increase of the taxable portion of Social Security from 50% to 85%, for 2014???
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Valued Social Butterfly
retiredtraveler
Posts: 4,006
Registered: ‎02-14-2008

Re: How Have Social Security Changes in 2014 Impacted You?

[ Edited ]

"...How come no one mentions the increase of the taxable portion of Social Security from 50% to 85%, for 2014???...".

 

   Affects very few people. Not that many people working, and on SS, making enough for this change to kick in (unless I misunderstand the tax tables for this).   

“The IQ and the life expectancy of the average American recently passed each other in opposite directions.”
― George Carlin
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Valued Social Butterfly
GailL1
Posts: 3,590
Registered: ‎08-18-2008

Re: How Have Social Security Changes in 2014 Impacted You?


rp74202314 wrote:
How come no one mentions the increase of the taxable portion of Social Security from 50% to 85%, for 2014???

If I am understand your post correctly, you are confusing (2) different percentages and nothing has really changed.

.

Per the IRS Publication 915 http://www.irs.gov/pub/irs-pdf/p915.pdf

The relevant income for Social Security taxation includes all items which are normally part of your adjusted gross income, plus tax-exempt interest income, plus 50% of your Social Security benefits. (Historically, the 50% represents the fact that half of your Social Security contributions were made by your employer and thus not taxed.)

 

How much of your Social Security benefits that are taxable will depend on the amount of all your income (i.e. the sum of the above).  The higher your income, the more the benefit is taxed.

Many high-income retirees will have 85% of Social Security benefits taxable. For lower-income retirees, less than 85% will be taxable, but many retirees in a 15% tax bracket will face a marginal tax rate much higher than 15%.

 

Don't forget some states also tax the benefit if total income is over a certain amount and if high enough it will put you in the Medicare category to pay higher premiums for Parts B & D based on having this higher income.

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Info Seeker
jk8530
Posts: 1
Registered: ‎10-26-2013

Re: How Have Social Security Changes in 2014 Impacted You?

No one mentions those increased costs and also that almost all older Americans nearing or at retirement age can not afford to quit working. The cost of living is ridiculous high with the continuing rise in food, utilities and energy costs.
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Valued Social Butterfly
GailL1
Posts: 3,590
Registered: ‎08-18-2008

Re: How Have Social Security Changes in 2014 Impacted You?

For those approaching retirement, all those cost should be in line with what income you will be receiving, once retired.

 

For most people that means, no debt, at least that of the larger variety.

Shelter, whether rent or own should be what can be afforded.  Same with transportation cost.

 

Living in a high cost of living area will deplete your retirement funds faster than living in an area where the cost are most modest.  Those cost include daily expenses as well as taxes and even health care.

 

Retirement requires planning because when those COLA come along, they aren't much usually.  Government does not base them on the area where you live, they are based on nation-wide stats and living in some places is definitely cheaper than others.

 

 

 

 

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Info Seeker
Dawgbuddy
Posts: 1
Registered: ‎05-01-2013

Re: How Have Social Security Changes in 2014 Impacted You?

Does the Obama healthcare tax count?
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Frequent Social Butterfly
gd2988
Posts: 1,456
Registered: ‎04-30-2014

Re: How Have Social Security Changes in 2014 Impacted You?


Dawgbuddy wrote:
Does the Obama healthcare tax count?

That's not income.

~~~
The combined power of our nuclear warheads is 250,000,000,000 tons of TNT. That’s the Hiroshima bombing TWELVE MILLION TIMES.
Please use plain text.