Did you know that about 40% of Social Security recipients pay some federal income tax on their benefits? If you're wondering if Social Security is taxable income for you, we've got you covered. In this short and easy-to-follow video, Certified Financial Planner® Matt Frankel explains how it works.
About 40% of retirees must pay tax on their Social Security. Here's what you need to know.
About the Author
Matt Frankel, CFP, is a contributing Motley Fool stock market analyst and personal finance expert covering financial stocks, REITs, SPACs, and personal finance. Prior to The Motley Fool, Matt taught high school and college mathematics. He holds a bachelor’s degree in physics from the University of South Carolina, a master’s degree in mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. He won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act. He is also regularly interviewed by Cheddar, The National Desk, and other TV networks and publications for his financial, stock market, and investing expertise.