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Beware of the lurking “tax torpedo”
This CNBC article by Ilana Polyak reveals how those already on Social Security may be in for a financial surprise she calls the “tax torpedo” when they reach age 71 and need to start taking required minimum distributions (RMDs) from their tax deferred investments. The article explains if and how Social Security benefits are taxed, and offers some suggestions on how, with advanced planning, you can avoid some of the pain of higher income taxes on your retirement income. Click here to read more.
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