How Can I Lower Taxes on My $3,500 Monthly Social Security Check?

Social Security can generate real income. The more you earned during your working life, up to each year’s income caps, the more you receive in benefits during your retirement. In 2024, someone with maximum credits who waits until age 70 will receive almost $60,000 per year in benefits. But, as always, more money means more taxes. While you don’t owe payroll (or “FICA”) taxes on Social Security benefits, since those only apply to earned income, the IRS can levy income taxes on them. Here, with benefits of ...