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Some Things to Consider About Starting Social Security When Planning for Retirement - MSN.com
Retirement planning requires careful consideration, especially when you have other sources of retirement income. If you have other taxable income, your Social Security benefits will most likely be taxable as well, and up to 85% of those benefits can be taxed. Consider the tax consequences for a surviving spouse who will be filing single.
Marc Guberti has written an article about the benefits of spending other retirement funds first and delaying your Social Security benefits until age 70. Delaying Social Security can help reduce hidden consequences during retirement, including increased tax liability and higher Medicare Part B and Part D premiums when mandatory withdrawals begin.
For some pointers to help you avoid these hidden consequences, read the full article here….
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