Reported 8 months ago
A woman reviews her finances and considers the tax implications of her Social Security benefits. Taxes on Social Security benefits are based on combined income, where higher incomes could mean owing taxes on a portion of the benefits received. The article explains how combined income is calculated and provides strategies to potentially reduce tax liability, such as managing portfolio withdrawals, utilizing Roth accounts, and deferring Social Security benefits until age 70. Consulting a financial advisor for personalized tax advice is recommended.Overall, the article emphasizes the importance of planning for Social Security benefits and offers tools like SmartAsset’s Social Security calculator to help individuals make informed decisions.
Source: YAHOO