My Smart Retirement

After paying into the system throughout your working career, many people believe that their Social Security benefits will be tax-free income in retirement. But the truth is you could end up owing quite a bit more depending on what other income you are generating. We recently received a question from a couple that was trying to decide when to claim their Social Security if the other spouse wants to continue working. It’s a great question and one that needs time and attention so we’re glad this came into the show. So the question is essentially this: will a spouse’s income impact the Social Security benefits for the other partner? Throughout this episode, we will dive into the different considerations and help you understand how the taxes are calculated. There are many different factors and it can get pretty complex. One thing we want to make sure you know about is provisional income. It’s a word you’ll be using quite often once you start receiving Social Security so you’ll become more familiar with this. Nancy