Reported 1 day ago
Wealthy retirees may unexpectedly face increased Social Security taxes due to Required Minimum Distributions (RMDs) from tax-deferred retirement accounts starting at age 73. These distributions can elevate taxable income, resulting in significant taxes on Social Security benefits and higher Medicare premiums. Strategies such as converting to a Roth IRA, delaying Social Security benefits, and managing withdrawal strategies can help mitigate these tax implications.
Source: YAHOO