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Can You Really Pay Less in Taxes on Your Social Security Benefits?
Manage episode 397108892 series 3428540
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For most people, taxes are just a fact of life. Even your Social Security benefits – for which you had to pay taxes to be eligible to receive – are subject to taxation under certain circumstances. And this tax bite can hit you unexpectedly and put a sizable dent in your benefit income.
Is there anything you can do about this? First, you need to recognize when and how your Social Security benefits may become taxable to you. This is where planning plays a key role, especially before you begin to take your Required Minimum Distributions at age 73.
On this week's episode of Managing Your Financial Future, host Johnny Dean and Rick "The Professor" Plum, CFP® talk about the many aspects of Social Security taxation, and what you may be able to do to potentially minimize what you owe. Tune in to find out more!
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