Retirement Planning/Social Security


How is Social Security income taxed (assuming income limit is not exceeded)?
Can my Social Security income be placed in a Roth or Regular IRA?
Thank you

The Financial Quarterback
The Financial Quarterb  
Thanks for your question and I will answer this as if you were retired since I believe that is your intention.

If you begin collecting social security benefits and you earn taxable income above the limit of $25,000 for a single tax payer and $32,000 for married taxpayer, a portion of your social security benefits will begin to get taxed at your ordinary federal income tax rate. The range of which your social security in taxable is dependant on your income but starts at 50% and caps at 85%. However, you cannot place income received from social security into your traditional or Roth IRA because that income is not generated from an employer and therefor is not considered earned income.

Hope this helps.  

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Richard E. Reyes, CFP


I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.


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