Reported 17 days ago
If you expect to receive $3,000 a month from Social Security, understanding how taxes may apply to your benefits is crucial. The IRS considers your combined income and filing status to determine how much of your benefits are taxable. With additional income from retirement accounts or pensions, up to 85% of your benefits might be subjected to taxation. Strategies to minimize this tax burden include using Roth IRA withdrawals, limiting income-generating activities, selling losing investments to offset taxable income, and timing withdrawals to optimize tax implications. Seeking advice from a financial advisor could be helpful in navigating these complexities.
Source: YAHOO