Social Security check? (how much, income, income tax)

[JLee01]

Hello,

Will be relocating to SD this year, with "full retirement" at age 66.8. I am single with no dependents.

Social Security estimates my monthly benefits to be $1,800.00.

Question:

About how much will I actually see, my net amount I can expect?

Thanks.

[jmgg]

Originally Posted by Acintya

Hello,

Will be relocating to SD this year, with "full retirement" at age 66.8. I am single with no dependents.

Social Security estimates my monthly benefits to be $1,800.00.

Question:

About how much will I actually see, my net amount I can expect?

Thanks.

Social Security Admin. will be able to give you an exact amount. They deduct just short of $ 175.00 from my SS paycheck every month for Medicare and I'm only a couple years older than you. The state of SD has no dog in the hunt as to what you get. What South Dakota WON'T do is tax your Social Security benefits like most states will.

[Upminster-1]

Originally Posted by jmgg

Social Security Admin. will be able to give you an exact amount. They deduct just short of $ 175.00 from my SS paycheck every month for Medicare. The state of SD has no dog in the hunt as to what you get. What South Dakota WON'T do is tax your Social Security benefits like most states will.

Sam here, just short of $175 for Medicare.

But might want to keep in mind that some of your SS payment may be taxable at the federal level. Depends on how much your overall income is minus deductions.

[jmgg]

Originally Posted by Upminster-1

Sam here, just short of $175 for Medicare.

But might want to keep in mind that some of your SS payment may be taxable at the federal level. Depends on how much your overall income is minus deductions.

Very true. I still work full time and 85% of my SS that I receive is taxable at my individual tax rate for FEDERAL income tax. As an individual, if your SS added to interest earned and any other money made is over $ 25,000, 50% of your SS benefits will be subject to tax. If this figure is over $ 34,000 then 85% of your SS received is subject to Federal Income Tax.

[Upminster-1]

Originally Posted by jmgg

Very true. I still work full time and 85% of my SS that I receive is taxable at my individual tax rate for FEDERAL income tax. As an individual, if your SS added to interest earned and any other money made is over $ 25,000, 50% of your SS benefits will be subject to tax. If this figure is over $ 34,000 then 85% of your SS received is subject to Federal Income Tax.

Indeed. I am fully-retired but in that 85% group. Not complaining, just the reality of it. Thankfully my state also does not tax the SS.

Before retirement it was almost impossible for me to know what my income would be, as my employer ( Federal Government ) could not determine my pension amount prior to retirement. Fortunately it was larger than I expected and it all worked out.

[UNC4Me]

Originally Posted by jmgg

Social Security Admin. will be able to give you an exact amount. They deduct just short of $ 175.00 from my SS paycheck every month for Medicare and I'm only a couple years older than you. The state of SD has no dog in the hunt as to what you get. What South Dakota WON'T do is tax your Social Security benefits like most states will.

Only 11 States tax SS. They are: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah and Vermont.

[JLee01]

So I understand correctly.

If SS tells me my check will be for $1,800.00, and I have zero income, and since SD does not tax Social Security benefits, I can expect to see the entire amount minus the $175 for Medicare?

Correct?

[jmgg]

Originally Posted by Acintya

So I understand correctly.

If SS tells me my check will be for $1,800.00, and I have zero income, and since SD does not tax Social Security benefits, I can expect to see the entire amount minus the $175 for Medicare?

Correct?

That's pretty much it as long as any investment income that you have plus your SS doesn't exceed $ 25,000. You'll see the money monthly minus Medicare and also not need to pony up any Federal Income Tax at the end of the year.

[JLee01]

Thank you everyone for clearing things up!!