How to Help Avoid the Social Security Tax Trap

Surprises in life can sometimes be a really fun thing, unless it’s related to your taxes. Unfortunately, many baby boomers are shocked to find out after claiming their Social Security benefits that they could be taxed as much as 85% on those same benefits!

So while you are writing a check to Uncle Sam for more than you originally thought you would that you had initially budgeted for the electric bill, your vacation, or a grandchild’s education is now just a fraction of what you thought it was going to be.

This weekend on America’s Wealth Management Show, Bud and I won’t be talking the entire time about different ways you may be able to maximize your Social Security benefits because at the end of the day, if the IRS is getting a big part of it, what’s the point? Does it matter?

What it basically comes down to is that you have two choices. Do nothing and you may watch a big portion of your Social Security benefits be sent right back to the government. Another option is to have a strategy in place that could help dramatically reduce your tax bill so you can decide where that money is used.

If this sounds like something that could benefit you, tune in this weekend and learn some possible ways to wring every nickel out of your benefits, some little-known strategies that you may not know even were available, and how to avoid that dreaded social security tax trap that may cost you a small fortune.

To find out when America’s Wealth Management Show airs in your city, click here. If you missed it or would like to listen to past shows, you can find them by clicking here.

 

Investment advisory services offered through Barber Financial Group, Inc., an SEC Registered Investment Adviser.

The views expressed represent the opinion of Barber Financial Group an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Barber Financial Group does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.

Posted in: Blog, Financial Planning, Investment Management, Social Security Planning

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