if you're getting ready to retire you certainly have a lot on your plate there's a lot of things
that you have to deal with obviously medicare is one of them but another one is social security so
you've been working all your life and you're going to retire and you're going to collect your social
security so what we don't want in retirement are surprises so i'm gonna go through some things
right now on the taxes that you're very likely gonna pay on your social security benefit i'm
keith armbr founder of medicare on video i help people across the country make the right medicare
choices i could absolutely help you as well when it's time for you to sign up for medicare if you
stay with me till the end i'll show you how to download my book right now for free medicare made
clear put a lot of time and effort into this book and it has just about everything that you need
including videos in the book the links that you need everything that you need to sign up
and get going with medicare but i'll show you that at the end right now we're going to talk about
social security and something that can come as a surprise to a lot of folks and i don't know about
you but when i go into retirement i absolutely expect to still have an income so i'm generating
a business if you're self-employed or if you have a business if you're not just a regular
kind of nine to five worker where you quit and then you go into retirement if you're going to
bring along with you income that you've built up this is certainly important to understand
so what comes as a surprise to a lot of people is that your social security benefit is likely
going to be taxed so it's not tax-free money coming to you you've probably looked at
some reports on when you're going to retire you may have two or three thousand dollars a month
that you're expecting to receive from social security a lot of people think
well heck it's been tax money take it out of my paycheck all these years it's bound to be
tax free but that's just not the case if you hit certain thresholds and those thresholds
are super low so if you're going to have any kind of income in retirement chances are you're going
to pay tax on your social security so how does it actually work so the good news is
they can only tax a maximum of 85 percent of your social security benefits so that's it 85
so that leaves 15 will be tax-free of your social security money but likely you're going to get
taxed on the rest of it so how does it actually function so if you hit thresholds of if you have
income between twenty five thousand and thirty four thousand dollars a year they're going to tax
up to fifty percent of your social security money so that's not a big threshold if you exceed 34
000 a year in income that's where they're going to jack it up and tax 85 of your social security
benefits so that's a significant amount on a very low threshold so how exactly do we get to that
threshold and again not super complicated it's pretty simple it is your adjusted gross income
plus non-taxable interest plus half of your social security benefits so they're going to
include whatever you're getting from social security in the amount to determine whether
they're going to tax your social security half of your social security benefit equals your combined
income so again if that combined income exceeds 34 000 including half of your social security benefit
it's going to be taxed and so basically you're going to wipe off 25 to 30 percent of your social
security benefit as regular taxable income once you're retired so it's certainly something that we
need to understand so that we aren't blindsided by this and we're counting on that money going
forward so it's kind of crazy that they can tax again something that is tax related but
kind of that's how it works i want to just make sure that this point is clear and obviously what
i do is help with medicare and certainly if you're going to be coming into medicare subscribe to the
channel that's what my video is all about is how to get your medicare set up exactly the way
that you want it and we make it super easy to do i'm happy to help with any of it send me a
email give me a call we'll walk you right through everything to make sure that we get
all your pieces in the right places i hope you found this helpful have a fantastic day
thank you for taking the time to watch my video i hope you found it very helpful here are a couple
other things that you'll also find helpful as you go through medicare the first one is a copy of my
book medicare made clear you can download it right now for free i've put a lot of time and effort
into this book and you'll see i covered just about every piece of medicare and i've written it in a
way that makes it pretty easy to understand now i also have videos throughout the book so if you
don't want to read through all the information click on the video and i'll explain it all to you
right there you'll also find all the links that you need to either sign up for medicare or things
that you're going to need now or in the future when things come up related to medicare so take
just a minute go to medicareonvideo.com forward slash free book and you can download it right now
now also make sure once you're in medicare that every year you come back and visit medicare
price check this is my other website where i make it super easy for us to compare
our current coverage against new plans that may be less expensive and remember that medicare
supplements are standardized so it doesn't matter which insurance company we use we'll still have
the same plan g or the plan n that we have now but hopefully we can get it at a lower price so visit
medicarepricecheck.com real easy we'll email you the quote if it makes sense then we'll do
it from there so hope you found all this helpful have a fantastic day hey don't go anywhere these
are some of my most recent videos right here you can also find the link right below this video to
medicare made downl absolutely free you can also subscribe to my channel
right here so please download my book watch some videos subscribe to the channel have a great day