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How to Reduce Taxes on Your Social Security Payments

Your Social Security payments in retirement might be taxable, depending on how much you earn and the sources the money comes from. About 40 percent of Social Security beneficiaries pay taxes on their benefits. Here’s how to minimize the taxes you pay on your Social Security income. Keep your income below the threshold. If your only source of retirement income is Social Security, you probably won’t have to pay tax on your payments. “Most people do not have enough income to hit the threshold and have any of their Social Security income be taxable,” says Nancy Altman, co-chair of the Strengthen Social Security coalition and co-author of “Social Security Works! Why Social Security Isn’t Going Broke and How Expanding It Will Help Us All.”…Read More

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