Taxes on Social Security

Did you know you can be taxed on your Social Security? 
This usually only happens if you have other substantial income, such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return, in addition to your benefits.
The portion of your Social Security income that’s subject to federal income tax, depends on your combined income. Combined income is your taxable and non-taxable income, plus half of your Social Security benefits. If that income is between $25,000 and $34,000 on a single return or between $32,000 and $44,000 on a joint return, up to 50% of your benefits can be taxed. If your combined income is more than $34,000 on a single return or $44,000 on a joint return, it’s likely that up to 85% of your benefits will be taxed.
Once you start collecting Social Security, you may be able to reduce your overall tax bill by carefully planning which accounts you spend from each year to minimize the portion of your Social Security benefits that will be taxable. If you have questions call 855-22money or go to the website yoursafemoneyshow.com.

Your Safe Money Show Over 50 and getting married 3 11 17

Highlights for March 11 Your Safe Money Show

We have a lot to share on this week's Your Safe Money Show.
If you’re looking at buying your first home, there are tax advantages I want to tell you about.
Today we have to be careful what we carry in our wallets, find out what NOT to carry.
Divorce can be tough at any age, but after age 50, there are extra things to consider.
And on the other side of the coin, getting married after age 50, there are financial challenges to think about. 
Tune in Saturday morning at 7:30 at 95.5 KBEK. They stream live at kbek.com. Listen to recent shows at the podcast page at yoursafemoneyshow.com

Credit History

Love and money

When couples are asked, what the biggest problem in their relationship is, many say “money”. Some couples avoid talking about money at all costs and I am here to tell you that’s a recipe for disaster.
Before a couple marries, finding out how each other looks at and deals with money, can be eye opening. Find out each other’s credit score. A credit score is a window to that person’s credit history and how they handle money.
 What are your future goals together, and if they require money, how will you reach those goals? Will you share the responsibility of paying bills with a joint account or will each of you pay certain bills? You need a game plan as a couple to know how best to handle your income together. If one of you is better at this than the other, they can handle the financial side of your life. However, the other needs to understand how it all works in case something would ever happen to the other.
Working together, and talking often about budgeting, can make for a happier and healthier relationship.

Your Safe Money Show Who wants your stuff 3 4 17

Highlights for March 4 Your Safe Money Show

Passing items onto the next generation is becoming harder to do, because the next generation doesn’t really want many of those treasured items. What can we do about this and what items “does” the next generation want?
Also, I’ve had questions recently about “umbrella policies” and how they work, what’s the advantages of these policies? I’ll go into detail about umbrella policies so you can decide if they’re something you might want for your family. 
Listen at 7:30 a.m. at 95.5FM KBEK. They stream live at kbek.com. Hear recent shows podcast at yoursafemoneyshow.com.