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Your Retirement: Navigating the Social Security ‘Tax Trap’
If you haven’t discovered it already, up to 85 percent of your Social Security benefits could be taxed. As financial advisors, we are often surprised by the number of prospective retirees who come to us for planning and are shocked that they have to pay taxes on their Social Security when they retire. In fact, in 2012, Social Security beneficiaries paid a total of $45.9 billion in income taxes on their benefits. That’s right!…Read More
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