MULTIZ321
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BLUEWATER BY SPINNAKER HHI
ROYAL HOLIDAY CLUB RHC (POINTS)
8 Tips For Avoiding Taxes on Social Security Benefits
By Paul Katzeff/ Retirement/ Investor's Business Daily/ investors.com
"Social Security benefits are taxable but only up to certain limits. And there are steps you can take to avoid or cut how much of your Social Security benefits you've got to fork over to the tax man.
Taxes kick in on your Social Security benefits if your income exceeds certain limits. As a rule of thumb, if Social Security provides your only income in retirement, you probably won't have to pay taxes on your monthly benefit. But if you have additional income, such as wages or withdrawals from an IRA, then your benefit will likely be taxed.
Some people hate the idea of paying taxes on Social Security benefits so much that they're willing to sacrifice income for the satisfaction of not having to pay tax on their bennies.
Of course, you should resort to those strategies only if you don't need the extra income to live on.
"Make sure the tail is not wagging the dog," said Colleen Carcone, a director of wealth planning strategies for financial services giant TIAA, addressing only tax-minimizing strategies. "Make sure investment decisions are based on overall planning objectives, not solely based on tax consequences."
If you can afford to go without the income, these eight steps will keep your income below the tax-triggering thresholds, or at least minimize the taxes that you pay....."
Richard
By Paul Katzeff/ Retirement/ Investor's Business Daily/ investors.com
"Social Security benefits are taxable but only up to certain limits. And there are steps you can take to avoid or cut how much of your Social Security benefits you've got to fork over to the tax man.
Taxes kick in on your Social Security benefits if your income exceeds certain limits. As a rule of thumb, if Social Security provides your only income in retirement, you probably won't have to pay taxes on your monthly benefit. But if you have additional income, such as wages or withdrawals from an IRA, then your benefit will likely be taxed.
Some people hate the idea of paying taxes on Social Security benefits so much that they're willing to sacrifice income for the satisfaction of not having to pay tax on their bennies.
Of course, you should resort to those strategies only if you don't need the extra income to live on.
"Make sure the tail is not wagging the dog," said Colleen Carcone, a director of wealth planning strategies for financial services giant TIAA, addressing only tax-minimizing strategies. "Make sure investment decisions are based on overall planning objectives, not solely based on tax consequences."
If you can afford to go without the income, these eight steps will keep your income below the tax-triggering thresholds, or at least minimize the taxes that you pay....."
Richard