3 Reasons Your Take-Home Social Security Benefit Might Be Less Than Expected

详细摘要

The Social Security benefit you qualify for and the benefit that arrives in your bank account aren't always the same thing, and that doesn't mean anything has gone wrong. There…

The Social Security benefit you qualify for and the benefit that arrives in your bank account aren't always the same thing, and that doesn't mean anything has gone wrong. There are legitimate reasons why your take-home benefit might differ from the actual amount you qualify for based on your work history.

If any of the three things listed below apply to you, it's important to plan for them in advance so your budget doesn't get derailed when your checks come in lower than you expected.

Missed AI's "Act 1"? Act 2 Could Be 16x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »

Once you're on Medicare, your Part B premiums will be withheld from your Social Security checks, so you don't have to pay this bill separately. This isn't technically a decrease to your benefits, but it can result in a take-home amount that's a couple hundred dollars lower than what you got before enrolling in Medicare.

Make sure you plan for this in your budget. You may need to rely upon personal savings or income from a job to cover what your Social Security checks won't.

Many seniors owe Social Security benefit taxes when they file their returns. This could result in a larger tax bill than you anticipated and possibly an outstanding balance. You can budget for this on your own, or you can request that the government withhold money from your checks upfront to cover these taxes.

If you choose the latter, you can have 7%, 10%, 12%, or 22% of your checks withheld for taxes. Any excess withholding will come back to you as a refund when you file your tax return.

The government can garnish your Social Security benefits if you owe back taxes, child support, or alimony, or if you received a Social Security overpayment that you're not able to repay in a lump sum.

Sometimes, you can get the garnishment reduced if you cannot afford to lose that much of…

文章开头，摘自Yahoo Finance。如需阅读全文，请前往媒体网站。