We're discussing a crucial topic: the taxation of Social Security benefits. Many retirees are unaware that up to 85% of their Social Security income could be taxable, depending on their overall income.
Recently, there have been discussions about eliminating this tax, which could save retirees thousands annually. However, whether this change occurs or not, understanding how Social Security benefits are taxed is essential for effective retirement planning.
Timestamps:
0:34 -Taxation of Social Security Benefits
1:19-Importance of Understanding Taxation
1:50 -Complexity of Taxes in Retirement
03:14 -Provisional Income Calculation
4:49 -Taxation Thresholds
6:47 -Social Security Tax Trap
14:39 -Strategies to Manage Taxation
19:04-Conclusion
✅Contact Thatcher at thatcher@propathfinancial.com with comments and questions!
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DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.
Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.
