Reported 23 days ago
With the increase in taxation on Social Security benefits, many retirees, especially those planning to receive $3,200 monthly, may face unexpected taxes based on their provisional income from other sources. Up to 85% of these benefits can be taxed if other retirement funds are withdrawn. To potentially minimize taxes on Social Security, retirees can consider delaying withdrawals, managing required minimum distributions, exploring Roth conversions, and strategizing their income sources to avoid higher tax brackets. Consulting a financial advisor is recommended for tailored advice.
Source: YAHOO