Thousands of seniors may no longer have to pay social security taxes under the new proposal
Thousands of seniors may no longer have to pay social security taxes under the new proposal

Thousands of seniors may no longer have to pay social security taxes under the new proposal

ONLY 12 states currently tax social benefits, and soon that number could be eleven.

On March 23, Minnesota lawmakers unveiled one level to make Social Security payment tax free.

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A new proposal could help over 350,000 seniorsCredit: Getty

If they succeed, over 350,000 seniors can see higher payments.

In a public statement, Representative Lislegard of Minnesota said: “Once seniors finally leave the workforce to enjoy hobbies, travel, and time with family, taxing their social security benefits is the wrong approach.

“It’s time we got together to remove the income tax on social security payments in Minnesota.”

Minnesota is one of only 12 more states tax social benefits.

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The cost of abolishing the tax is estimated at $ 509 million a year.

The proposal comes afterwards New mexico Governor Michelle Lujan Grisham signed a bill earlier in March that will exempt those earning less than $ 100,000 from paying state tax on theirs Social Security advantage.

Couples earning less than $ 150,000 and living in the state also do not have to pay tax on their retirement checks.

This tax cut will allow 115,000 seniors to earn $ 710 more on average annually.

What is the maximum social security benefit?

This depends on age, but it is generally worth the wait.

For someone who files at 62, they could get up to $ 2,364 a month in 2022.

If you file on your full retirement agewhich is typically 66 or 67, then you can get up to $ 3,345.

If you wait to apply for 70 years, you can receive up to $ 4,194.

Can you check your benefit?

An easy and useful way to get an estimate of your benefit is to use Social Security’s “Quick calculator. “

Simply fill in your date of birth and earnings and the tool will calculate your estimated monthly benefit.

There is also an opportunity to estimate your overall benefits of higher inflation.

Once you have a ballpark figure, you will be able to decide how best to plan and start saving.

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For more information on social security, find out five things you need to do before claiming social security.

And here are five reasons why you may not receive social benefits.

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