Describe the available Social Security benefits(excluding health insurance) ?What is break-even age? Earnings test?...

Describe the available Social Security benefits (excluding health insurance) ?

What is break-even age? Earnings test?

Discuss their relevancy in retirement planning Are Social Security benefits taxable? If so, how?

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Expert Solution

Social security benefits are available to workers and their spouse who have during their working year paid to the social security system so they receive social security benefits. Social security benefits are also provided to those who are permanently or temporarily disabled.

The break-even age ranges from 77 to 83 and it totally depends upon when one starts receiving the benefits.

It depends upon a taxpayer's level of income and can be taxable. if we talk about 2016, taxpayers which were without the spouse and a yearly income which exceeds $25,000 may have a portion of their social security benefits taxed. A married couple which earns more than $32,000 each year can also have these benefits taxed.

Rahul Sunny answered 1 year ago

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