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Don’t miss an episode of our podcast, Personal Finance for Long-Term Investors. Available on all podcast players. Here’s the latest episode: Social Security is taxed in a peculiar and arcane manner. It starts with these two synonyms: combined income and provisional income. They mean the same thing. You’ll see them used interchangeably in the world of financial planning. For today, I’ll use combined income. Combined income determines how much of your Social Security benefit is subject to federal income taxes. For some retirees, 0% of their Social Security income is subject to income taxes. For other retirees 85% of their Social Security is subject to taxes. It all depends on those retirees’ combined incomes. “Subject to Taxes” vs. “Taxed At…” This brings us to our first important clarification of the day: we need to be very careful about the difference between being “subject to taxes” and being “taxed at” a specific tax rate. A retiree might have 85% of their Social Security subject to taxes, but it’s (only) being taxed at 12%. The remaining 15% of their Social Security is not subject to taxes at all. Paying a 85% tax rate would feel obscene. But having 85% of your income subject to tax? Not a big deal. The Combined Income Formula Now, getting back to combined income, which helps us determine how much Social Security is subject to taxes. Combined income has a very peculiar formula. Determine your adjusted gross income (AGI), LESS your Social Security income. Add back any tax-exempt interest Add in 50% of your Social Security benefit That’s combined income. For many retirees, their AGI will include: wages from any part-time retirement job withdrawals from tax-deferred IRAs (including Roth conversions) pension income interest and dividends capital gains the taxable portion of Social Security income. (Of course, per Step 1 of the combined income formula, we back-out the Social Security income to determine combined income.) A Combined Income Example Let’s look at an example. Roger and Rhonda Retiree had the following situation in 2026: No wages. $40,000 in IRA withdrawals $7,000 from a pension $5,000 in interest (all taxable, no tax-exempt) and dividends $4,000 in capital gains $48,000 in combined Social Security income Step 1 of the combined income formula gets us to: $56,000 (40 + 7 + 5 + 4) Step 2 of the formula makes no changes (in this case). And in Step 3, we add an additional $24,000 (48 / 2), bringing the combine income total to $80,000. Getting from Combined Income to Social Security Taxability Here comes the fun part. How do we get from combined income to a specific amount of Social Security that’s subject to taxes? We’ve completed Step 1. Calculate combined income = $80,000. Step 2 – Which Tier Applies? There are three tiers to Social Security taxability. When
We hear a lot about setting freelance income goals and other income goals. They aren’t my thing. Here’s why. Freelancers are constantly encouraged to earn more. Hit six figures. Double your revenue. Land bigger clients. And there’s nothing inherently wrong with those goals. But after more than two decades of freelancing, I’ve realized that earning more money isn’t always the same thing as building a better life. For me, freelance income goals have always mattered […]
Looking for a side hustle that doesn’t require sitting behind a computer all day? Taskrabbit connects people who need help with everyday projects to independent workers who can complete them. If you’re good at assembling furniture, cleaning, or helping people move, it could be a way to earn extra money. The flexibility is appealing,…
Roughly 4 in 10 workers earning above $300,000 say they’re living paycheck to paycheck, according to a new report.
Every month since 2017, I have written an article about the slow and steady growth of our passive income. Several years ago, I added some of my annual goals (New Year’s Resolutions) in a separate article. In the last couple of years, I’ve combined them into one monthly post. Goals for 2026 I put all my goals in a spreadsheet that I stole borrowed from Retire By 40. Here’s what it looks like for this […]
The Canadian Financial Summit kicks off this week. Kyle at the Summit puts it this way – This Virtual Summit will cut through the fog of confusing financial jargon and build the confidence needed to seize control of your personal finances. Each speaker will pull back the curtain on their unique area of expertise. With their actionable advice and attention-grabbing speaking styles, these experienced Canadian gurus will help take your money game to the next level – […]
Looking for new bank promotions in Canada? Here are some of the Canadian bank account promos available and their caveats! Some of these new account bank promotions come on more regularly than others. For example, the iPad promotion from the Royal Bank of Canada (RBC) … Read moreCanadian New Bank Account Promotions October 2026 (FREE iPad or $400 Cash) The post Canadian New Bank Account Promotions October 2026 (FREE iPad or $400 Cash) appeared first […]
Wow, it’s hard to believe 2026 is down to the final quarter. It felt like yesterday that I posted the 2026 Looking Ahead post. Where did the time go? Per the Looking Ahead post, so … Read more
Rates are rising! 📈 🚀 Here’s my monthly survey of the best interest rates on cash as of October 2026, roughly sorted from shortest to longest maturities. Banks and brokerages love taking advantage of idle cash, and you can often earn more interest while keeping the same level of safety by moving to another FDIC-insured bank or NCUA-insured credit union. Check out my Ultimate Rate-Chaser Calculator to see how much extra interest you could earn […]
There are hundreds of ways to make money online, some legit and others either a waste of time or flat-out scams. I’ve… The post 17 Legit Ways to Make Money Online for Beginners (+ My 20-Yr Insider Tips) appeared first on MoneyPantry.com.
When I started blogging seven years ago, I had zero clue what SEO meant and thought “niche” was some kind of fancy cheese. I didn’t even know where my traffic would come from, let alone how to make money blogging. That’s before I realized that Pinterest isn’t just for hoarding lasagna recipes and DIY inspirations…. Read More The post How I Make Money on Pinterest with a Blog appeared first on FinSavvy Panda.
Want to know more about the Gold City Ventures E-Printables Side Hustle Course? I’ve made nearly $500,000 selling printables on Etsy, and I’ve tested a LOT of courses. Here’s my honest Gold City Ventures review and whether it’s actually worth your money. Check out my review to see if it’s right for you. This post may contain affiliate links that allow this blog to earn money without a cost to you. Many thanks if you […]