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Congrats, you are getting about $150 less than the maximum benefit at age 62. Most people aren’t getting anything close to the maximum benefit. The threshold for taxing Social Security benefits is pretty low. Florida may have no income tax but SS is subject to federal taxes.
And good luck trying to find a quality bagel, or decent pizza in Florida too.
On another note I feel that 8% is not even enough to cover inflation which is being hushed. I feel it’s up way more than that. Look how much everything is up here on LI.
So what retirees receive, is that after tax or do they have to file taxes and pay it based on their "income" which is their retirement income?
And good luck trying to find a quality bagel, or decent pizza in Florida too.
That is such a fallacy. It’s like the old stigma that upstate ny still doesn’t have running water or internet.
There are countless numbers of NY’ers that moved to FL and opened Pizza shops and bagel shops.
I go back and forth frequently for family and notice no difference in the quality or consistency in FL. There’s great stuff there and terrible stuff there. And there’s absolutely garbage pizza and bagels in NY. The quality is all over the place. It’s just such a bogus myth that the only place in the world you can get good pizza or bagels is LI/NYC.
or Donald .
NY state doesn't tax social security benefits either (yet) , and the first $20,000 of pension payments are NYS tax free. (NYSTRS pensions completely tax free from NYS tax I believe)
There were no deductions. Really don’t follow. Too busy fishing or hitting the little white ball into the woods, water or trap. It’s just another monthly deposit into the credit union.
That is such a fallacy. It’s like the old stigma that upstate ny still doesn’t have running water or internet.
There are countless numbers of NY’ers that moved to FL and opened Pizza shops and bagel shops.
I go back and forth frequently for family and notice no difference in the quality or consistency in FL. There’s great stuff there and terrible stuff there. And there’s absolutely garbage pizza and bagels in NY. The quality is all over the place. It’s just such a bogus myth that the only place in the world you can get good pizza or bagels is LI/NYC.
I was in a FL suburb looking at real estate, and the restaurants there were far superior to the mediocre overpriced restaurants that is typical for LI (especially the crap here in the North Shore).
There were no deductions. Really don’t follow. Too busy fishing or hitting the little white ball into the woods, water or trap. It’s just another monthly deposit into the credit union.
Social Security doesn’t withhold tax unless you request it. Up to 85% of Social Security benefits are taxable by the IRS starting at an income of $32,000 for a married couple filing jointly. If you are getting $50,000 in Social Security plus a large teacher’s pension and no taxes were withheld you will owe federal income tax and if you owe more than $1,000 you will also have to pay a penalty.
Social Security doesn’t withhold tax unless you request it. Up to 85% of Social Security benefits are taxable by the IRS starting at an income of $32,000 for a married couple filing jointly. If you are getting $50,000 in Social Security plus a large teacher’s pension and no taxes were withheld you will owe federal income tax and if you owe more than $1,000 you will also have to pay a penalty.
And good luck trying to find a quality bagel, or decent pizza in Florida too.
A LOT of LI'ers could afford to go without bagels and pizza.
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