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Understanding the complexities of Social Security and effectively planning for taxes can significantly impact your finances during retirement.
What factors should we consider and know before that phase?
In this episode, Tim Scannell explores tax planning related to Social Security and when to elect it. He delves into the complexity of Social Security, the many options available, and the factors to consider when electing Social Security. Additionally, Tim also addresses the importance of partnering with financial advisors who have expertise in tax planning and Social Security to create a flexible plan for retirement.
Tim discuss:
- The complexity of Social Security and the many options available
- Factors to consider when electing Social Security, including full retirement age and life expectancy
- The earnings limit for those who retire or lose their job and elect Social Security prior to full retirement age
- The importance of considering spousal benefits and benefits to children when making Social Security decisions
- How Social Security benefits are taxed and the importance of factoring in taxes when making financial plans
- An explanation of how Medicare premiums are impacted by income and how it can affect Social Security benefits
- Tax planning strategies for retirement
- The importance of partnering with financial advisors who have expertise in tax planning and Social Security to create a flexible plan for retirement
- And more!
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