5 Things Retirees Need to Know About Social Security and Taxes

4. Partial Taxation: Not All Social Security Benefits Are Taxed

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As of January 2024, the average social security benefit is $1,860. For those who have social security as their sole source of income in retirement, they can expect to keep the full amount.

“A retiree with only Social Security income will pay no taxes on their benefits because Social Security by itself is not taxable”.

– David Globke, vice president of SFA Wealth Management

Social Security is taxable only when the combined income exceeds certain limits, as discussed above.