Beware of the Social Security “Tax Torpedo”
Many people are surprised to find out that their Social Security benefits may become taxable income. Unfortunately, many find out too late to be able to do anything about it, because once you claim Social Security your options for changing that decision are very limited. And that’s unfortunate, because a key way to reduce your income tax burden is to delay claiming your Social Security benefit. In this NerdWallet article by Liz Weston, the author describes the rules for how your Social Security benefits are taxed, and also identifies certain states which also tax Social Security benefits. But, Ms. Weston also describes some strategies which might be used to soften the blow of higher taxes. Click here to read more.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…
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