There are five simple steps that you can take to reduce (or even ELIMINATE) the taxes on Social Security. Optimize your retirement plan with Devin and his team. Get started with a complimentary 15 minute phone call. Schedule at 🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥 📊 Get a customized Social Security filing plan. Start with a 10-minute discovery call with my team of Registered Social Security Analysts ➡️ Want to take a deeper dive into investment management and financial planning with Devin and his team? -- → Financial Advisors! Become an RSSA and discover how Social Security expertise can unlock massive opportunities for your practice -- 🧑💻 Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn: ✔The Most Important Factors to Consider BEFORE You File for Benefits ✔Why Filing Early Can Be the Best Strategy ✔Why This Is The Biggest Decision of Your Retirement Access the workshop today at this link ➡️ Get a copy of my newly revised book here -- ➡️ Simple Questions? Join my FREE Facebook Group! ➡️ If your question is about the WEP/GPO, join this Facebook group instead See Disclosures Below ⭐⚠️⭐Please read this⭐⚠️⭐ I am an actual practicing financial planner, but I'm not YOUR financial planner. Don't take what I say as specific advice for your situation. Please consult with your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇 ---------------------------------------------------------------------------------------------------- ⚠️I am not an attorney or SSDI advocate. Furthermore, since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. -----------------------------------------------------------------------------------------------------...(read more)
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How To Get TAX FREE Social Security -- 5 Simple Strategies You Should Know Social Security benefits are an essential source of retirement income for millions of Americans. However, many recipients are unaware that they may owe taxes on their Social Security benefits. Fortunately, there are strategies available to help you minimize or even eliminate the tax on your Social Security income. Here are 5 simple strategies that you should know to potentially receive tax-free Social Security benefits. 1. Understand the taxable threshold: The first step in achieving tax-free Social Security benefits is to understand how much of your benefit is subject to taxation. This starts by calculating your provisional income, which includes 50% of your Social Security benefits, all taxable income, and tax-exempt interest. If your provisional income exceeds a certain threshold – $25,000 for single filers and $32,000 for joint filers – up to 85% of your Social Security benefit may be subject to taxation. By keeping your provisional income below these thresholds, you can minimize or eliminate taxes on your benefits. 2. Control your taxable income: One effective strategy to reduce your provisional income is to control your taxable income. Consider withdrawing funds from tax-free accounts such as Roth IRAs or cash value life insurance policies. By leveraging these sources, you can minimize the taxable income and potentially keep your provisional income below the thresholds. Additionally, by deferring income until after reaching your full retirement age, you can reduce your provisional income and the potential tax burden. 3. Utilize the "File and Suspend" strategy: For married couples, a popular strategy known as "File and Suspend" can help minimize taxes on Social Security income. This strategy allows the higher-earning spouse to file for Social Security benefits at full retirement age but suspend receiving them. This action enables the lower-earning spouse to file a restricted application for spousal benefits, allowing them to receive benefits while their own Social Security continues to grow. By doing so, you can potentially reduce taxes on your benefits while maximizing your overall Social Security income. 4. Consider tax-efficient investments: Choosing tax-efficient investments can help minimize your overall taxable income. This includes investing in municipal bonds or tax-managed funds that generate dividends and capital gains that are free from federal taxes. By incorporating these types of investments into your retirement portfolio, you can reduce your taxable income and potentially qualify for tax-free Social Security benefits. 5. Plan your withdrawals strategically: Coordinating your withdrawals from different retirement accounts can help optimize your tax situation and potentially eliminate taxes on your Social Security benefits. By withdrawing funds from taxable accounts first, such as traditional IRAs or 401(k)s, you can reduce your provisional income. This approach allows you to delay taking Social Security benefits until a later age when you may receive a higher monthly benefit, resulting in a smaller portion of your benefits being subject to taxation. In conclusion, by understanding the taxable threshold, controlling your taxable income, utilizing strategies like "File and Suspend," considering tax-efficient investments, and planning your withdrawals strategically, you can potentially achieve tax-free Social Security benefits. It is essential, however, to consult with a qualified financial advisor or tax professional to determine the most suitable strategy based on your specific circumstances. With the right planning and knowledge, you can make the most of your Social Security benefits while minimizing your tax liability. https://inflationprotection.org/5-effective-ways-to-obtain-tax-free-social-security-benefits-must-know-strategies/?feed_id=111532&_unique_id=6499f15c72d40 #Inflation #Retirement #GoldIRA #Wealth #Investing #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability #SpousalIRA #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability
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