Cortburg Speaks Retirement
Tune in every Wednesday to "Cortburg Speaks Retirement," your go-to podcast for the latest insights on investing, financial planning, and retirement strategies!
Join Certified Retirement Counselor, Miguel Gonzalez, as he delves into timely investment topics, offers expert advice on money management, and addresses common concerns about navigating the stock market.
Cortburg Speaks Retirement
How Social Security Is Taxed in 2025 | Maximize Your Retirement Income
Certified Retirement Counselor Miguel Gonzalez breaks down how Social Security is taxed in 2025 and shares smart strategies to avoid surprise tax bills.
Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.
Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.
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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®
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Welcome to Cortburg Speaks Retirement
An audio podcast about investing in the stock market, financial planning, money management and retirement planning. Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.
Now here is your host, Miguel Gonzalez.
Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.
Social Security is a vital component of retirement income for many. This government program provides monthly benefits and is funded primarily through payroll taxes. Understanding Social Security benefits and taxation is essential to making informed decisions about when to start receiving them.
First, let’s talk about How Social Security is taxed
The association between social Security and taxes often needs to be understood. Not all social security benefits are taxable.
The amount of social security benefits one receives and how much Federal tax applies depends primarily on the income level of the receiver and other factors. It's important to note that some states currently tax Social Security benefits: Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, and West Virginia.
If Social Security benefits are the only source of income for the year, the benefits may not be taxable. However, if income is received from other sources, such as wages, self-employment, interest, dividends, etc., up to 85% of the benefits may be taxable.
To determine if Social Security benefits are taxable, calculate your "combined income." Combined income is the total of your adjusted gross income, non-taxable interest, and half of your annual Social Security benefits. Note that depending on marital status, Social Security is taxed differently.
Next, let’s cover Social Security and taxes in 2025
The rules and regulations regarding Social Security and taxes can be complex and may change. Therefore, consulting with financial and tax professionals versed in Social Security retirement benefits and taxation is vital.
For single taxpayers- If your income is between $25,000 and $34,000, income tax will apply to up to 50% of your Social Security benefits. If income exceeds $34,000, up to 85% of the benefits may be taxable.
For married taxpayers filing jointly- If you and your spouse have a combined income of $32,000 to $44,000, you may have to pay income tax on about 50% of your Social Security benefits. If joint income exceeds $44,000, up to 85% of your Social Security benefits may be subject to taxation.
Despite the complexity of Social Security taxes, these two aspects are crucial to retirement income and tax planning throughout retirement. Understanding how retirement income and draw-down strategies, Social Security benefits, and taxes work together is vital to financial management in later life stages.
Consulting with financial and tax professionals may mitigate unexpected tax implications when receiving Social Security benefits and drawing down retirement savings assets.
Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances. As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.
This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.
