Join hosts John Bever and Jim Uren in episode 17 of The Year You Retire podcast as they tackle the crucial question: "Do I have to pay taxes on my Social Security income?" This episode dives deep into the intricacies of how the IRS handles Social Security in retirement, offering valuable insights on how to minimize or even eliminate these taxes. The duo also sheds light on the infamous "Social Security tax torpedo," explaining how it can significantly impact your tax bill and what you can do to avoid it.

Listen in for practical advice, historical trivia, and key strategies to navigate Social Security taxation and help get the most out of your Social Security income. Don’t miss the final episode of season one as John and Jim prepare for an exciting season two with more relevant and helpful information for your retirement planning journey.

In this episode, you will…

·       Learn to Maximize Your Retirement Income by Understanding Social Security Taxation.

·       Discover How to Navigate the Social Security Tax Torpedo and Keep More Money in Your Pocket.

·       Learn Effective Strategies to Help Minimize Taxes and Get More Out of Your Retirement Nest Egg.

·       Understand How Provisional Income Impacts Your Social Security Tax Bill in Retirement.

·       Discover the Potential Benefits of Delaying Social Security Benefits to Help Manage Your Taxes.

The key moments in this episode are:

00:00:05 - Introduction to the Year You Retire Podcast

00:00:52 - Taxation of Social Security Income

00:01:09 - Understanding the Social Security Tax Torpedo

00:06:11 - Provisional Income and Tax Thresholds

00:12:10 - Observations and Planning Opportunities

00:15:35 - Understanding the Tax Code

00:16:54 - Tax Brackets and Marginal Tax Rate

00:18:07 – More on the Tax Torpedo

00:21:05 - Strategies to Minimize Taxes

00:27:43 - Gratitude Segment

00:30:39 - Accessing Show Notes and Transcripts

00:30:53 - Conclusion and Disclaimer

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. 

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.