Is Social Security Taxed After Age 70?

Image Source: Google By: Savardekar

Social Security is a government programme established in 1935 as part of President Franklin Delano Roosevelt's New Deal to combat the Great Depression.

[{"selector":"#anim-de013efa-5fb7-4194-b6a6-24812216b020","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-367b4ca0-4c7b-45a7-9435-03bfcbfca52b","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e94c6374-e753-41ea-ab21-833d554e35b8","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1d083609-b597-4ac0-b6a1-09bf3aa56c3b","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-4de81a57-0d7f-435c-a1f7-4d13fb4a5564 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(1.5080485565021868%, -4.545454545454547%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

Most people regard Social Security to be the bedrock of America's social safety net.

[{"selector":"#anim-7c43eca4-8c8c-4482-be2f-2c51c5857167","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2defefda-d65f-42c6-9d6b-a2b80dfe98c7","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-12e6f4bd-bade-4555-9717-607a673df9c2","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d22bc708-175d-4d4b-b741-f9b8d08f2d9d","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-47282b15-31b8-4d48-a016-835815026b82 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-2.8224102100145494%, 4.26136551575098%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

Social Security pays out monthly payouts to Americans who have attained the retirement age of 66.

[{"selector":"#anim-025a2340-6ed5-466b-ba35-6c9dcc9202dc","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ef8f35ac-68ad-46a4-bcde-1b851c6f158b","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8a76a15d-eab7-4de8-8a1d-a44e422c771b","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a48d044f-ecbf-41d3-85a5-000fd25ea061","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-890d7e77-c3d8-4cfd-85d6-31f722899ff9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.6808756474458506%, -0.15624817360603388%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

The amount of money you receive each month is determined by how much you earned during your employment and your age when you retired.

[{"selector":"#anim-f0bbb20c-673f-4152-b422-ee350d79678e","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-447b663e-a0c7-4812-aa0a-2e37522a70b9","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b051c1e6-1096-47e8-8269-896bbc31e082","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-f62e785d-7972-4594-903f-4d9601e14b30","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-2dc81a1d-fbfc-4b06-b7fc-0b0d6799b994 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(1.2918958832001826e-15%, 2.7581644055565207e-7%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

The programme is funded by Social Security payments deducted from each American worker's paycheck.

[{"selector":"#anim-7289378f-3ff3-49f2-9eb4-d05bebe3a328","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8dec3468-1f15-4610-94f9-c3067d7bd8d5","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1410e215-9039-4761-8da0-65d4711ad9b4","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ab22fa6a-e3cf-476b-a350-f86dd70526cd","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-3287d66d-30cd-4c62-821c-c00cffc98613 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0.9516659689518334%, -4.545453053977144%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

In 2022, the average monthly check will be $1,658, with a maximum check of $3,345.

[{"selector":"#anim-de349bb8-59dc-4969-b51c-27a4b8a81527","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dc6f831d-e101-49c0-9f68-0137a1596723","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fa218a40-a920-4d6d-9adf-57dbbb566fea","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e2d27798-e81b-40a1-b7ab-99e87b7dcfdf","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-30d303ab-2ff6-43f2-8519-3e6272699898 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-0.8882215710217125%, -4.545453053977144%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

Social Security money is directly from the federal government, and some of it will be returned to Uncle Sam in the form of federal income taxes.

[{"selector":"#anim-3efd92d2-0e66-4635-93a4-70e6fd198cc5","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-058ebefb-6883-4f4e-a9fb-3bf9f8198c06","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cfe9b287-b284-44cd-a762-ed22751fd836","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5998842e-2eaa-45f7-965f-919c507937a7","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-a07691e2-becb-4e4e-8901-ff1608c03208 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(1.0673586945891171%, -0.15624817360603388%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

Social Security is treated as regular income for the purpose of taxes.

[{"selector":"#anim-4dbc46cb-21c7-4b02-9285-238e2af37149 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0.6056829620943859%, -0.15624817360603388%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-c8124203-6b6a-4761-a43e-b057583afba2","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d759223f-7c11-4f4f-89d8-0fb695e08dd6","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-51381cbb-25bd-4c28-ab9b-ec06c04b0fc6","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-3513ac47-4f36-4d08-abe2-31dc9c10eea0","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

When it comes time to file your taxes, any money you earned, including Social Security, will be added together to determine your taxable income.

[{"selector":"#anim-0a0fde95-0496-4b47-b87f-0c1bf1a83901 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0.8620689816927603%, 4.247301736268766%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-5f1fbe17-5cea-4e6a-98c4-a614d509cac2","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a2f2d63b-e955-402d-beea-47d2ccaa20da","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9625f952-c267-403a-85cb-23747eff2dbc","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9305749c-dfa0-4cfa-89d5-ecb18e4fa38a","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

Though there are some internet myths claiming the government ceases taxing Social Security benefits once you reach the age of 70, this is not true.

[{"selector":"#anim-eaedd5c4-f802-46b3-925e-d8efd1dbad14 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-0.6383190409978123%, 0.4261366719689756%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-f97382e7-3470-4455-93bb-5feee28e8bf4","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4bb649a0-89da-4438-9f2f-0790aa490b1b","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dd84ea52-8aed-4b90-8d37-dffb9eed4bf5","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-eb39d5b8-fe29-4df4-ba3f-d86893efc9b6","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

Social Security benefits are taxed from the time you begin receiving them until you die.

[{"selector":"#anim-bc269197-15c3-4a42-a824-967d49558060 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-4.545454545454547%, -4.545454545454547%) scale(0.9090909090909091)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-8ab73150-4f61-4968-8ce7-cb9ccb7f80c0","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f8ff2f2f-5c3c-4027-b966-54e92e74e307","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6841adac-1e7c-40e9-8023-76b4da1e71e2","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c7073af8-67c2-44d8-95a6-70a46e4cb300","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Image Source: Google

Please Share Story If You Like.

[{"selector":"#anim-6ff81eef-aad3-48aa-b095-6f5f96b85812","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2a8be961-829b-4d51-845f-c3f12f3920f6","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] See more