Let’s Clear Up a Common Social Security Myth

Social Security benefits are not tax-free retirement income despite what many people think. According to MoneyWise, this may seem redundant given that benefits are paid from income tax taken from your paychecks while working. It’s easy to understand how the myth started because “anyone with a long history of forking over payroll taxes would anticipate a day when your Social Security becomes a tax-free benefit.”

But the fact is, depending upon your income, you could have to pay taxes on up to 85 percent of your Social Security benefits!

The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-o-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.