Summary: When claiming Social Security, consider taxes and strategies to minimize tax liability.

From Yahoo Finance: 2025-05-11 08:30:00

When planning your retirement, it’s crucial to consider the impact of taxes on your Social Security benefits. Depending on your provisional income, you may owe taxes on 0%, 50%, or 85% of your benefits. To minimize taxes, consider delaying other income streams or converting traditional accounts to Roth IRAs. Required minimum distributions (RMDs) can also affect your provisional income. Talk to a financial advisor to develop a strategy that reduces your tax liability. Keep an emergency fund for unexpected expenses and use SmartAsset’s tools to plan for retirement accurately.

By addressing taxes on your Social Security benefits, you can better manage your retirement income and plan for a financially secure future.



Read more at Yahoo Finance: I’m Claiming Social Security for the First Time. How Can I Cut the Taxes?