Do you know that your Social Security Benefits Can Be Taxed?
According to the Social Security Administration, approximately one-third of the 52 million people who receive Social Security pay income taxes on their benefits, during 2010 more than $23.9 billion was collected in tax on Social Security Benefits. The Shocking thing, most retirees are not aware of how this tax is calculated or the fact that up to 85% of Social Security retirement income can be taxed each year! The calculation used to determine the taxable amount of your Social Security benefit has not changed since 1983; more specifically the income break points used for this calculation have not been indexed to inflation for over 27 years. As your income increases over time to keep up with inflation, the taxable portion of your Social Security benefits increases as well.
We can help you reduce or eliminate tax on Social Security benefits & realize a potential increase in your net spendable income by identifying & repositioning certain taxable income sources into Tax Advantaged accounts.
To see if you qualify for this savings Request a Free Calculation
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