As you’ve seen in our previous sections, there’s a lot you need to know and learn about social security. How to impact and maximize the income you receive from it, but also to minimize the tax impact on your social security, other income and Medicare costs.
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In your working years, you are contributing 6.2% of your pay to Social Security, and your employer is matching that, so 12.4% of what your income would be is being contributed into Social Security. That’s a pretty big amount. If you are self-employed, you pay the employees part and the employer’s part, so 12.4%.
Social Security and how you can maximize your retirement income is not just a hot topic for those planning for retirement; it’s a critical area in which knowledge is power.
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