By Jeremy Gove
When asked, most Nebraskans would say their biggest complaint about Nebraska is high taxes. For all of you seniors receiving Social Security income, the State Legislature has good news for you.
Lawmakers passed legislation to phase out income taxes on Social Security by 2030. The legislation is now on Gov. Pete Ricketts’s desk, who is expected to sign it.
The legislation phases out income taxes on Social Security income gradually each year. For 2021 it is reduced by 5%, 20% in 2022, and 30% in 2023. The exemption continues to grow to 100% by 2030.
Eliminating taxes on Social Security makes Nebraska more competitive with neighboring states like Iowa who do not tax Social Security income now. I am glad to see the change because I believe it honors you Seniors who have contributed to Nebraska for many years and makes it easier financially to stay in Nebraska in your retirement years.
If you have additional questions relating to Social Security or other financial inquiries, reach out to me at (402) 805-4660.
Investment Advisory Services are offered through Retirement Wealth Advisors, Inc. (RWA), an SEC Registered Investment Advisor. Stonebridge Insurance and Wealth Management and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
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