Tax Reform Missed Changes to Income Tax on Social Security
As Dan Caplinger explains, tax reform did nothing to change income taxes or the thresholds where they kick in for Social Security benefits. The amounts where taxation begins were never indexed for inflation, meaning more people hit the threshold each tax year. While there is little one can do about paying income tax on benefits, planning can make a difference. Read the full piece here about who pays the tax and how to plan and manage the situation.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.