Reducing Your Tax Bill on $2,800 Monthly Social Security Benefits

Reported 28 days ago

Many retirees may be surprised to learn that their Social Security benefits can be taxed, with approximately 48% currently facing federal taxes, projected to rise to 56% by 2050. Taxation is complex, depending on combined income, which includes half of Social Security benefits, adjusted gross income, and nontaxable interest. Strategies to reduce taxes include delaying retirement withdrawals, managing required minimum distributions, Roth conversions, and staying mindful of potential tax brackets. Consulting a financial advisor can help navigate this financial landscape.

Source: YAHOO

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