Use Exhibit 14.3 to estimate the average Social Se-curity benefits for a retired couple. Assume that one spouse has a part-time job that pays $24,000 a year, and that this person also receives another $47,000 a year from a company pension. Based on current policies, would this couple be liable for any tax on their Social Security income?

EXHIBIT 14.3 Average Monthly Social Security Benefits Paid in 2015 The Social Security benefits listed here are averages that include a variety of ages at which beneficiaries retired. As time passes, the beneficiary will receive correspondingly higher benefits as the cost of living goes up. However, these average benefits dramatize that you should not rely on such benefits too heavily in your retirement planning. Type of Beneficiary Average Monthly Benefit Retired worker $1,328 $2,176 Retired couple $1,165 Disabled worker $1,976 Disabled worker with a spouse and child Widow or widower $1,274 $2,680 Young widow or widower with two children Source: "Understanding the Benefits SSA Publication No. 05-10024, ICN 454930, http:/fwwwsocialsecurity.gov/pubs/EN-05-10024.pdfapage%031&zoom %03auto,0,576 accessed September 2015