Once you understand how your Social Security benefits are taxed, you can begin exploring opportunities to potentially reduce the taxes you pay. Depending on your income and mix of assets, you may have the ability to better manage your tax liability in retirement.
These items may not be appealing but can be beneficial when incorporated into your retirement plan. Even if you decide against using these strategies it would be prudent to explore their potential benefits.
Deciding when to claim your Social Security benefit is a nuanced decision with serious implications to your retirement income plan.
Many retirees rely heavily on Social Security as a source of retirement income and fear it will run out of money.
Accessing your My Social Security account online is necessary to view your estimated benefits prior to age 60. This guide will show you how.