Do I Pay Social Security Tax On Retirement Income?

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Do you pay or do I pay Social Security tax on retirement income? I'm going to answer that

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question. Hi there. I'm Stan the Annuity Man, America's annuity agent, licensed in all 50

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states and Puerto Rico, and looking forward to talking about this, even though when, you know,

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I mention the word tax, I start, you know — it's one of those things we all have,

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right? We all have that, oh my gosh, we're talking about taxes. But let's talk about taxes and kind

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of where you should prioritize your thinking on that — the realities of what is happening now and

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what's going to happen in the future according to moi. That's French for Stan after this.

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So, do you pay Social Security tax on retirement income?

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Well, if you're the evil rich, you're going to be paying taxes. Okay? I'm not going to go through

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all of the percentages and all that. You can have that little conversation after you take a Tums or

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Rolaids with your CPA and/or tax lawyer. Bottom line is you're going to pay taxes. You know?

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You might have found — and your CPAs might have found you — a little loophole to get around some

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taxes, but at the end of the day, I think I want this video to be not about the specifics of what

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you have to pay. Here's the percentage of what you have to pay. Here's the tax law behind it.

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Here's tax act, blah, blah, blah. Because that's going to change. It's going to change

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with different parties that get in power, who's in charge of Congress. It's just going to change.

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It's also going to change because if we keep racking up debt like we're racking up as a

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country, all bets are off — all bets are off on taxes in general: taxes on retirement income,

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taxes on your Social Security, the levels of what they declare as evil rich or people that are at a

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high income. The government is going to have to find revenue somewhere. If you look at

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the stats in the country where I think the vast majority — 60 plus percent — of senior citizens have

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$10,000 to their name. Over 50% of the country has their net worth in their front pocket. Okay?

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The numbers don't look good. They just don't. So, I know what you're saying. You're yelling at the

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screen. I hear it. And you're saying, "But I've worked so hard, and I've scrimped and I've saved.

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I've done without, and I've flown coach in the middle seat." You know? I mean, I get it. I get

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it. And you're still in that save, save mode. I understand that. What I want you to do, and the

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reason that I thought this topic was important, is I get to talk to you about not worrying about that

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as much. It is what it is. And politically, it is what it is. And you say, "Well, Stan,

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that's cavalier to say." Well, let me give you an example. I want you to do a little exercise for

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me. I want you to close your eyes, or if you don't want to — just think for a second. Think of

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the dumbest person you've ever talked to. Think of the dumbest person, like when you talked to them,

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you lost IQ points. They were so stupid. Got it? You know who that person is. You can have a bunch,

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but you can just choose one. Okay, you got it. That person's vote just nullified yours. Okay?

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And that person doesn't have a dime to their name, and they're going to vote for your money. And you

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see it happening right now. Check this day. And I'm not political. I'm contractual. Okay?

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Remember that — contractual guarantees only. Pioneer of contractual guarantees only. Could give a crap

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about politics. Why? Because of the example that I just gave you. Every time I start to care just

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a little bit about it — and yeah, I vote. I do my part — I think of that dumb person that I'm

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trying to avoid because I lose IQ points when I talk to them. We all know those people. Or you

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run into them somewhere in the airport and you go, "Oh my gosh, that person's functioning in a

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society somehow." That's the reason I want you to pivot away from all of this — the detailed analysis

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of taxes. Am I going to get taxed? What's my tax rate? Can I play the game over here? Can I find

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the loophole? Can I come right underneath it? Stop. Okay? A lot of you out there have

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retired and were really good at your job, and now somehow you've morphed into Dr. Analytical,

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and you're analyzing everything. You are looking at your statements. You've got the spreadsheets.

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I told a guy the other day, I said, "Let me guess. You have spreadsheets all over the

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place." Oh yeah, I'm on it. I said, "Please delete all of that. Delete it." Because I will guarantee

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you the vast majority of you out there that are watching this, you're okay. You're in the top 5%

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of the country. Why? Because you worked hard, you put money away, you scrimped, you saved,

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you played by the rules, and you have that money. You better enjoy it. Okay? You better enjoy it,

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and you better enjoy it now. I heard a podcast the other day — I don't listen to many podcasts — but this

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one somehow popped up, and they were talking about the portability of money getting ready to happen.

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Let me put that in English to you. What happens if all of the money is digital, and we go away

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from the dollar — I'm talking about hard dollar you can touch — and it's all digital? All bets are off.

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All bets are off because then the politicians can control what we do with the money because they can

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program it. And I don't want to be conspiratorial. What I'm trying to get you to do is get off your

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rear end, off the couch. Take the little CPA cap with the visor — throw it away — and figure out

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your income floor, the money you need to live on plus a little extra so you can live very well and

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enjoy that money while you're feeling good. Every month, I get a call — at least one call every single

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month — because we have a gadzillion clients. I've been doing this a long time, and they'll call me

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and say, "I should have listened to you because I feel like crap now. I'm going to die or I can't

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walk, and I should have enjoyed my money. I'd give $5 million to enjoy my money for one week." A guy

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just recently told me. Don't let that be you. So, this topic — I know you're saying you're not

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addressing the topic, Stan. Go to your CPA. Go to your tax lawyer. They're the ones that are

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supposed to give you that advice anyway. If you really want to go down the rabbit hole and be Dr.

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Analytical and a tax adviser — if you really like it that much — volunteer for H&R Block and help the

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people. But when it comes to you — and I guarantee you your spouse is like, "You are driving me

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crazy by trying to find every damn loophole in the system." I mean, if you love it that much,

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go back and get your degree in taxation. Go to law school. But as your advisor, as the annuity man,

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I'm telling you to stop. I'm telling you to enjoy your money. Some people say, "Well,

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I'd like my last check to bounce." Great. You know, I had my recent newsletter was "Fly First

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Class or Your Kids Will." I'm right about that. I'm damn right about that with my daughters,

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they'll fly first class. The second I die, they're first class. They're in a Learjet, for God's sake,

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and a Lamborghini limo — which I'm not sure exists — will be there to pick them up. So, do you

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pay Social Security taxes on retirement income? Who gives a crap? If you really give a crap,

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then go find out with your CPA and tax lawyer because those are the people that you should only

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be getting tax advice from, not me. But I'm glad you clicked this because I'm smacking you upside

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the head to get you living. Go live your life. Go buy the nice car. Go first class. Buy the drink at

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the restaurant. Let me give you that story. I'll close with this story. Okay? My mom and dad — and

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maybe this is the reason I'm so passionate about this — my dad was just obsessed with all this. I'm

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like, "What are you doing? I mean, you know, what are you doing?" They go to a restaurant,

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and the last time I went with them there — and they do that — I said, "Please don't do what I think

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you're getting ready to do." "Well, it's just the drinks are just so expensive." I'm like, "You can

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afford the damn drink." So here's what they did. They ordered extra lemons, they squeezed the

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lemons in the water, and then they put Sweet'N Low in the water and made table lemonade right there.

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I was looking for a fork to stab myself. I'm like, "Guys, you can afford the damn drink. Forget carpe

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diem. It's buy the drink. Buy the drink." Okay? Don't make table lemonade. You'll look like a

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fool. Because eventually they're going to raise taxes. Eventually — who knows — they

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might beat your door down for the money. Who knows? Who cares? Live life today. If

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we can help create that income floor for you, then shoot me an email, stan@theannuityman.

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Do me one last favor. I did a video above me as a box. It's clicking down, counting down,

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and it's about contractual guarantees only — why the annuity man is the pioneer in this space,

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and we only recommend and only allow you to purchase contractual guarantees. There's a

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reason for that, and it's in that video. Don't buy hopes and dreams because with annuities,

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you're going to own the contractual realities. My name is Stan the Annuity Man.

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See you next time.