When I was working, I paid a 6.2% tax on my income for Social Security. Up until 1984, all Social Security income was tax free. Nowadays, up to 85% of Social Security income is taxable, depending on one's MAGI.
To me, it appears my Social Security Income is taxed twice. First, when it is deducted, and then when it is paid out.
That's why I hope the "You Earned It, You Keep It" Act passes in Congress this year. It would end the taxation of Social Security benefits.
This is not financial advice. Please consult a professional advisor.
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