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Defusing the Social Security “tax torpedo”
Liz Weston explains Social Security benefits were once tax free. That changed in 1983 with an update in 1993. Neither change indexed the brackets for inflation. In 1983, just 10% of seniors paid the tax, but it’s now the vast majority paying some income tax. Weston has some strategies, though, to minimize taxes. First is to delay benefits until age 70. Other options include creative uses of IRAs and other streams of income. Full piece here.
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