All tax, federal, state, county, city, sales, needs to be eliminated on anyone collecting social security and who’s annual income is less than like $60k per year
It seems (not an expert) that there is a cap on income to collect Social Security. Full benefit for a life long worker is around 20-25k per year. If you have an income from something else they will subsidize that income up to the threshold. i.e. If your retirement fund pays that much or more, you get nothing for what you paid in.
Or if you're a teacher. Most states set their teacher retirement programs up to not pay into SS (they set up a separate account controlled by the state), so very few teachers qualify for any SS at all.
All tax, federal, state, county, city, sales, needs to be eliminated on anyone collecting social security and who’s annual income is less than like $60k per year
It seems (not an expert) that there is a cap on income to collect Social Security. Full benefit for a life long worker is around 20-25k per year. If you have an income from something else they will subsidize that income up to the threshold. i.e. If your retirement fund pays that much or more, you get nothing for what you paid in.
Or if you're a teacher. Most states set their teacher retirement programs up to not pay into SS (they set up a separate account controlled by the state), so very few teachers qualify for any SS at all.