Do You Need to Pay Taxes if You Are Only Collecting Social Security?
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Q. My husband and I plan to retire when we turn 70 and hope to live the “American dream.” We have saved our whole life to be able to enjoy our summers up north and our winters in Florida. After decades of having Social Security payroll taxes withheld from our paychecks, we feel like we've earned our future benefits, and want to keep every dollar we get from the program. If we only collect Social Security when we retire,
will we still have to pay federal income taxes?
Critter Corner: How Does the Tax Act Change Things for Seniors?
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Dear Magic,
I am working on my 2018 taxes now. I understand that the Tax Cuts and Jobs Act is in effect for this year's taxes. How does this tax reform affect U.S. citizens ages 65 and older? Any financial credits still available for family caregivers?
Thanks!
Chan Jess
Order Books by Evan Farr, 4-Time Best-Selling Author
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Certified Elder Law Attorney and Medicaid Asset Protection Expert, Evan H. Farr, CELA, has written four best-selling books in the field of elder law. For more information and to order, click here.
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