How Can the Wealthy Cut Taxes on Their Social Security Benefits?
Everyone works a lifetime with the idea that at some point they can retire and collect Social Security benefits throughout their so-called “golden years.” However, when it comes to Social Security, this year is not a good time to be a high-income earner. Medicare Part B Premiums are expected to rise for high-income retirees. So, that means if you fall into this category then you should be looking for ways to cut back on your SS benefit taxes. Here are a few ways you can do this.
One step high-income earners can take to reduce their tax bill is to actually delay their benefits. By waiting until the age of 70 to claim your benefits instead of starting at age 62 you can actually increase your benefit by 76 percent. That also means you won’t be paying taxes on any SS benefits for several more years.
Another option is to open a Roth IRA, which allows your money to grow tax-free. The distributions are also tax-free, so you can be a great way to lower retirement income and thus lower your tax bill, as well. Deferred annuities are another possible way to let your money grow tax-free if you own assets that throw off income that you don’t really need. You can also try drawing a little extra by selling a capital asset if your retirement funds aren’t quite sufficient. This allows you to avoid the higher SS benefit taxes but still have enough to live on.
If you are worried about paying too much in Social Security benefit taxes because you are a high earner, then contact GROCO for guidance. Just call 1-877-CPA-2006, or click here.
Impact’21 | Jan Geldmacher
Transcript of Alan Olsen interviewing Jan Geldmacher for the American Dreams Show at Impact’21: Alan Olsen: I’m here today with Jan Geldmacher. Jan, Welcome. Jan Geldmacher: Thank you, Alan. Alan Olsen: So Jan, you’ve had extensive experience primarily in the phone telecommunication industry. And, and so give us an update what you’re working on today. And what…
Impact’21 | Kenneth Bossung, CEO of Infinadeck
Transcript of Alan Olsen interviewing Kenneth Bossung, CEO of Infinadeck at Impact’21 for the American Dreams Show: Alan Olsen: I’m visiting here today with Ken Bossung welcome, Kenneth Bossung: Alan, how are you? Thank you, great speaking with you. Alan Olsen: So Ken, what brought you to the Impact Global Venture conference today? Kenneth Bossung: So Jack Crawford, from…
Impact’21 | Vas Bhandarkar, CEO of ScoreData
Transcript of Alan Olsen interviewing Vas Bhandarkar, CEO of ScoreData at Impact’21 for the American Dreams Show: Alan Olsen: I visiting here today with Vas Bhandarkar. He’s the founder and the CEO of Vas Bhandarkar: ScoreData Corporation Alan Olsen: ScoreData Corporation. And ScoreData Corporation (for the listeners) does what? Vas Bhandarkar: ScoreData Corporation builds, helps businesses build predictive models,…
Impact’21 | Festus Ezeli
Transcript of Festus Ezeli interview by Alan Olsen, Host of the American Dreams Show at Impact’21: Alan Olsen: I’m here with Festus Ezeli. Festus. Welcome. Festus Ezeli: Thank you so much for having me Alan, Alan Olsen: So Festus, It’s It’s an honor to have you here with us today I’ve went the Impact Global…