Finding Opportunity In The World Of Taxes
Tax impacts every aspect of your financial life. You spend your life working, being diligent with your money, saving and paying into social security. When it comes time to take Social Security benefits, many retirees are surprised to find that they have to pay taxes on up to 85 percent of the Social Security benefits they receive.
Social Security can be very complex. How much of it gets taxed depends on several factors. Things like your adjusted gross income and whether you are married or single, all play in to how much you will pay in taxes. Taxes and retirement planning go hand in hand so with a little bit of informed planning, you can avoid some of the pitfalls of social security taxation.
Tips For Reducing Taxes On Your Social Security Benefit
• Manage other retirement income sources
• Stay below taxable thresholds
• Consider taking IRA withdrawals before you sign up for Social Security
• Set up Social Security tax withholding
• Save in a Roth IRA
• Factor in state taxes
We Make It Simple
At Melia Advisory Group, helping people understand their social security taxes is a big part of what we do. We will show you how to make the best choices for your financial situation and give a personalized Social Security strategy for ways you can reduce them.
If done right, it is possible to pay little in taxes during your retirement.
Knowledge Is Power
Join us for one of our free workshops where you can learn more about Social Security tax planning and how you can get the most
out of it.
Call for a free consultation 918.794.9290
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Melia Advisory Group
Our financial workshops are free and are packed with helpful information that will educate you on retirement options and equip you with confidence and peace of mind.
Topics covered are:
• Social Security planning – Learn how to get the most out of social security and how to avoid taxes.
• Estate planning – Everything you need to know about wills and trusts.
• IRA & RMD planning – Understanding your tax picture with RMD’s (Required Minimum Distributions)
If you would like to attend one of our free workshops, you can call Eileen 918.794.9290 or click button below.