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Should Seniors Pay Federal Taxes This Year?
If you are married, both parties are 65+, collect social security, and have an income over $32,300, you are required to pay federal taxes. The median income for Americans 65 and older is $50,290, mean (average) is $75,020. Actual pensions went away in the 1980s and were replaced with 401(k) accounts. These accounts are dependent on the stock market.
Many middle-income seniors have been squeezed tighter and tighter over these last 10–20 years. Over the last four years, Biden’s administration reduced overall inflation. However, it could not stop rising food and housing costs, mainly caused by greedy corporations, to line the pockets of their stockholders.
Social security benefits are not keeping up with living costs. In fact, when inflation is high, we usually get a larger COLA increase. Medicare Part B raised the amount taken out of our social security this year. Wiping out or reducing many seniors COLA, making it even harder to meet financial obligations. They also want to turn the Medicare program over to private insurance companies. Seniors who use Medicare Advantage insurance have helped this along. The advantage is that companies have decimated the funds for regular Medicare plans.
Advantage insurance companies are stealing millions from Medicare through fraud. And while there was some movement to stop it…
