Are your social security benefits taxable?
Supplemental Security Income (SSI) payments are not taxable, but other types of social security benefits – monthly retirement, survivor, and disability – may be.Filing status and total income are factors. When social security is the…
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Which means, of course, that many of these sudden and reluctant retirees are ending up in foreclosure or evicted from their rental agreement, which of course adds to the high foreclosure rate and struggling real estate market. It also means that these reluctant retirees are paying drastically less income tax, while simultaneously draining money from the Social Security Administration, a double hit for the Federal government, which is already facing a record budget deficit.