Social Security Tips: Taxes on Social Security Benefits

“Social Security was first started by Franklin Delano Roosevelt, one of our greatest presidents in the United States, and it was meant as a benefit, not to be taxed to the American public. However, basically in the ’80s, 1981, taxes occurred at a 50% level when individuals met certain benchmarks, and in 1993 under the Clinton Omnibus Reconciliation Act, American taxpayers who made over $44,000 a year are taxed at 85% of their Social Security benefit; that’s where most individuals currently sit.

There are ways to avoid this if you use appropriate investments such as annuities and things of that nature, and working with a financial advisor that knows how to read a tax return is always of great benefit to you. Many senior Americans do not want to be taxed on their Social Security benefit and like Franklin Delano Roosevelt said, “It’s not intended as a tax resource.” This is Patrick Munro talking about the taxes on Social Security benefits.”

http://www.youtube.com/watch?v=XGdhjKZt8tA

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