Joe Biden's Social Security Earnings REVEALED! How do You Compare? 🤨
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- čas přidán 16. 05. 2023
- Discover Joe Biden's Social Security benefits and earnings in this video!
Unveiling the exact figures from his tax returns, we explore how you can leverage his insights to maximize your own retirement income. Gain expert knowledge on calculating your benefits, strategic claiming strategies, and taxation considerations.
As we dissect Joe Biden's Social Security Earnings, you'll learn the formula behind social security benefit calculations, including indexing your top 35 years of earnings and understanding the bend points system. Uncover the impact of early or delayed claiming, and explore lesser-known techniques to potentially increase your social security benefit amount.
Inspired by Joe Biden's tax return, Marvin Musick from Medicare School delves into the taxation aspect of Social Security benefits. Discover how provisional income affects the taxable portion of your benefits and explore strategies to minimize your tax liability. Empower yourself to make informed decisions and unlock the full potential of your own Social Security benefits.
Supercharge your financial future by learning from Joe Biden's example. Don't miss out on this exclusive opportunity to maximize your Social Security benefits and secure a comfortable retirement!
Don't miss out on this valuable information from Medicare School and Marvin Musick!
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Resident, not president!
Thank you for the comment!
Millions of people are retired public employees like me. I'm surprised you didn't mention the Wind Fall Elimination Provision effecting those people.
Thanks for the insight.
Line 5a on Bidens 1040, I noticed that too. Police, Fire, Paramedics, Dispatchers, Government office workers etc. take up to a 50 percent reduction in their social security benefit because of WEP.
I thought members of Congress did not pay into SS?
How ironic.
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Thank you so much for the positive feedback! So glad it's a value and helpful to you.
I have a basic observation about his tax return. Line 4 is IRA Distributions. Being as he is 80 years old, shouldn't he have some RMD's from his IRA's? Or is it saying that he has no IRA's ? Find that hard to believe.
He might have converted his IRA to a Roth paying tax on the conversion when his income and hence tax rate was low. Then no RMD necessary
Thanks for the insight.
I am sure he has Roths.
Thanks for the insight.
Are you kidding me?
I am at the median rate.
Thanks for the comment.
Doesn’t matter who you’re comparing to. Your own benefit is all that matters.
Thanks for the comment.
LETS DO TRUMPS?.....LOL
Good luck
Good idea, thank you for the input!
he doesn't get a check because he showed no income his whole life
Interesting number walkthrough. Also love that you are still using an HP calc. I will never give up my 11c. RPN forever
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No, no, no. How can you get this wrong? So many do. You do not take the top 35 years of income and index. There is the SS Base Wage. You use your salary only up to the base wage which is a cap (If you made $250K last year, you don't index the that amount). This Base Wage changes every year and 35/40 years ago the Base Wage was not that much. Then there are issues such as WEP, how the indexing is impacted by the year one turns 60 etc. We can also discuss one's Part B comong out of one's SS check and Biden's IRMAA problem.
Also, I am wondering if Provisional Income starts with the AGI if the 85% of the social security number is already in it? It looks like the social security was counted twice. I thought the analysis started at other income including the tax-exempt interest, plus 50% of the social security check, and if that's above 25k single / 32k couple, then the amount above goes in for taxing. At the 34k / 44k levels, 85% of the check does. (So in the Bidens' case, it doesn't matter what the starting number was --- half a million or whatever --- they were getting hit with the 85% claw-in. What is sad is that middle income people now get hit, because the original 25k / 32k hurdles haven't been adjusted for inflation since 1984.
Thank you for the insight Gonzalo.
A couple of observations...The bend points are for 2023, only if that is the year you turn 62. If you turned 62 before 2023, the bend points are different. Additionally, his SS income doesn't make sense unless he took it at 62. The reported income is way too low. Granted there is a cap on how much you can receive by what age you applied. He maxed out his income for SS for 50 years, which would make the benefit way higher, especially if his wife gets SS income as well. I'm going to get about $50k/year for SS and never maxed out my income for SS taxable income. The numbers don't make sense.
You DO NOT CHEAP LIKE PSYCHO JOE DOES.
Thanks for the input.
Are members of Congress subject to Social Security, or do they just pay into the federal workers' program. Or did that change in between 1973 and now?
I really enjoy your videos, but I think there is a small mistake here.
In the Biden example, Line 6a is a constant. Line 6b is the taxable amount of Line 6a, and it depends upon provisional income. Since Line 11 (adjusted gross income --- the sum of lines 1, 2b, 3b, 4b, 5b, 6b, 7 and 8) depends on Line 6b, Line 6b should not depend on Line 11. The provisional income calculation of 638035 adds in 85% of Line 6a and also adds in 50% of Line 6a. I think it should only include the 50% number. This change in provisional income does not change any numbers on the return.
Thank you for the feedback, I will look into it.
People making as much money as him should never draw social security NEVER
Thanks for the comment.
Respectfully disagree - they paid into social security as did their employers just like everyone else. If you change the system to a straight entitlement system where contributors don't receive a benefit then the contributions become additional taxes. You would probably see more of a call to end social security by those not receiving a benefit imo.
That's a good point.
I agree 110%
@@johnfbm get real.. WAKEUP... smell the coffee..
How old r u ? just born yday?
omg smfh
Are they paying for Medicare?
Thanks for the comment.
Ther SSO actually seems low to me. Given (my guess) they we’re paying in the max, expect it would be higher. Possible they started taking a little earlier.
Thanks for the comment.
I would agree, as our SS benefits plus spousal benefits for 2023 are higher than what the Bidens receive.
Do a internet search , Jills net worth went from 11 million in 2019 to 50 millions for 2023 , how are they only reporting $600,000 yearly income ?
Thank you for the input.
They definitely need social security to help them make ends meet!
That’s not all they make common
That is an understatement.
I was told by SS FOLKS. there are maximine payouts . anyone over 200000 was maxed out, not true???
The maximum taxable income in 2023 is $160,200. If you have any other questions or need help getting your Medicare coverage set up correctly, give us a call to schedule an appointment: 800-864-8890.
who cares how much he makes! All my money is tied up in staying alive, lol
Thanks for the comment.
I guarantee you if these same exact policy changes were being implemented by Trump you'd be losing your shit and flipping your fucking lid demanding an investigation into how much Trump actually makes.
thats about what he makes...not what both of them make...
she will claim fifty percent of what he gets...
Thanks for the input.
$2,246, not $2,243.
Thank you for the input.
He has nothing to hide
Thank you for the feedback!