According to the Social Security Administration, 40% of the people who receive social security must pay federal income taxes on their benefits. So 40% are being punished for achievement. So 60% didn't plan for their retirement.
2023 Report INCOME Contributions………….$1.1 Trillion Taxation of benefits…..$49 billion Interest…………………$66 billion Total…………………….$1.222 Trillion OUTGO Benefits; $1.237 Administration; $7 billion Total; $1.244 trillion Net change in assets; minus $22 billion Number of beneficiaries; OASI……57 million DI………..9 million —————- 1. Reference to the OP’s 60%…… IMO, 60% of Americans who lived paycheck to paycheck when they were employed. 2. Reference to the OP’s 40%….. 57 million OASI beneficiaries X 40% = 22.8 million Taxation of benefits $49 billion/22.8 million Average tax paid; $2,150
"If your total income is more than $25,000 for an individual or $32,000 for a married couple filing jointly, you must pay federal income taxes on your Social Security benefits." https://www.aarp.org/retirement/soc...hsZNi02nh5u0thza1DRoCDiYQAvD_BwE&gclsrc=aw.ds I would say the fact that 60% of SS recipients make less than $25k as an individual or $32k as a married couple is a sad state of affairs. That's not even double the poverty limit, and shows how broken the 401k system is, with people being unable to save enough, or even anything, for retirement. I also bet that many retired Trumpers fall into the 60% category, with SS being their only retirement funding, while they complain about the government being their enemy. Me, I'll pay taxes on 85% of my SS in retirement, and I will count my blessings, instead of whining about government stealing from me.
Seriously, many SS recipients didn't pay in the amount of years for full SS. Those getting less than needed to be above poverty level and pay taxes it should not come as a surprise.
