Social Security checks go up 8.7% in January!

[DWSmith]

Do you think my employer will give me that much?

 

[Ranger107]

Not likely. Might be damn lucky if you still have a job.

 

[RudyN]

8.7% isn't too bad, but inflation is over 10%.

 

[Blackhorse]

HooBoooo! Now I can buy a Starbucks Pumpkin Spiced Latte!

 

[Timbo]

I would comment but don't want to get this sent to the Rubber Room...

 

[Blackhorse]

I would comment but don't want to get this sent to the Rubber Room...

Yes, do not succumb to the dark side.

 

[ftrplt]

Will be interesting to hear/read how this large increase pushes singles & couples above the tax thresholds for owing income tax on their SS earnings!!!

 

[Ol'Dawg]

When I retired, I had took Civil Service retirement and couldn't get Social Security benefits. Hopefully they will get the same % increase.

 

[DWSmith]

Will be interesting to hear/read how this large increase pushes singles & couples above the tax thresholds for owing income tax on their SS earnings!!!

Not sure I understand your point. You're still coming out way ahead of the additional income taxes. Using some simplified basic numbers for an example I figured it might mean you get an additional $174 and pay $26 in additional taxes per month. Are you going to turn down the additional after taxes $148 per month???

 

[ftrplt]

Not sure I understand your point. You're still coming out way ahead of the additional income taxes. Using some simplified basic numbers for an example I figured it might mean you get an additional $174 and pay $26 in additional taxes per month. Are you going to turn down the additional after taxes $148 per month???

First, I wasn't making any "point!" Just wondering what the responses will be from the folks who will get pushed above the cutoff thresholds for "not owing/owing" income taxes on 85% of their SS earnings? There is no "choice" for turning it down; just as there is no "choice" for having to pay if you go over the limit by one measly dollar. The thresholds were not/are not indexed. I feel badly for those who will be getting a surprise tax increase. FTRPLT

 

[Blackhorse]

Hmmmmmm.

 

[DWSmith]

First, I wasn't making any "point!" Just wondering what the responses will be from the folks who will get pushed above the cutoff thresholds for "not owing/owing" income taxes on 85% of their SS earnings? There is no "choice" for turning it down; just as there is no "choice" for having to pay if you go over the limit by one measly dollar. The thresholds were not/are not indexed. I feel badly for those who will be getting a surprise tax increase. FTRPLT

Are you referring to some states' taxes?

 

[ftrplt]

Are you referring to some states' taxes?

My reference is to Federal income taxes. The individual states have their own rules for taxing SS income.

 

[DWSmith]

My reference is to Federal income taxes. The individual states have their own rules for taxing SS income.

Thanks!

Not certain why this was put in the Rubber Room but so be it.

 

[Blackhorse]

Pay no attention to that man behind the curtain.

 

[Hermit]

Gee, that's terrific...it will come somewhat close to keeping up with inflation.
(But not quite)

 

[Ol'Dawg]

Fed income tax is 50% SS income tax for individual $34,000, $44,000 for couple. Over for SS tax 85%. The brackets are 10% up to 37%. The bracket may changed to a lot more tax.

Earlier, they found minimum $15 hour pay actually got less wages home pay. Taxes could hurt a lot.

 

[Mikem]

It helps but definitely doesn't keep up with the inflation rates for the past couple of years and last years $30+ increase for Medicare coverage.