Did you know that Social Security can give you money after you retire? It's like a big savings account for when you're older and don't work anymore. The more you earned while working, the more you get! But, be careful, some of that money might be taxed.
- Social Security payments depend on how much you made while working.
- In 2024, someone who waited until age 70 could get almost $60,000 a year!
- The government might tax part of your Social Security money, depending on your other income.
| Combined Income | Taxed Percentage |
|---|---|
| Below $25,000 (single) / $32,000 (joint) | 0% |
| $25,000-$34,000 (single) / $32,000-$44,000 (joint) | Up to 50% |
| Above $34,000 (single) / $44,000 (joint) | Up to 85% |
