How to Not Pay Taxes on Your Social Security

Is it possible to not pay taxes on social security? Absolutely! Chris Heerlein of REAP Financial discusses strategies for making smart decisions to maximize your retirement money by recommending to save in a very tax diversified way so that it doesn't count against you when you start withdrawing social security.
Contact our Austin financial planners today to discuss this strategy and others to help you maximize your money and pay the least amount of taxes as possible!
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#socialsecurity #financialplanning #retirement

[@johnscott2746]

It’s actually pretty easy to avoid taxation of your Social Security with a little planning. If you have a couple receiving a combined $5,000 per month in benefits, they could take out $15,000 per year from a traditional IRA and another $15,000 from a Roth IRA and have $90,000 in income with no taxes at all. The thing to remember is that the higher your Social Security is the better your tax situation will most likely be. Simply because they only use half of your benefits to calculate the tax and also because the higher your benefits the less other income you need. Hope this helps

[@SgtD1981]

I think the federal government should pay me interest on the money I paid in Social Security

[@whiteknightcat]

Social Security became taxable in 1983 ... about the same time income tax rates were being lowered, especially for the largest earners. What a coincidence.

[@SandfordSmythe]

SS taxes go to the SS Fund. They take from the rich to give to the poor.

[@whiteknightcat]

@@SandfordSmythe We're not talking about the SS taxes withheld from one's paycheck (which go to the SS Trust Fund). Once you begin receiving actual SS benefits, those benefits are taxed as regular income (which go to general revenue).

[@SandfordSmythe]

@@whiteknightcat This was part of the Greenspan Commission to save SS in 1983. It goes to SS. Later on it was expanded to give some to Medicare also.

[@whiteknightcat]

@@SandfordSmythe Taxing SS benefits to put the money back into the SS Trust Fund? That makes no sense. Would be far simpler to just decrease benefits by an equivalent amount.

[@SandfordSmythe]

@@whiteknightcat Yearly taxes are a better way of determining the current income of the rich who are effected by this. It is a means-test.

[@georgeandrews1586]

Why do so many seniors collect SS before they are 70? My Federal welfare check will be much larger if I wait 3 more years.

[@wmgthilgen]

My wife get's $300 from her union pension, and get's only $750 from her SS. Though I don't receive any pension, my SS is twice what her's is. Am I to understand that because her union pension is consider income, only half of her SS is to be utilized in addition to mine, when trying to stay under the 32 thousand mark.

[@KayakBassNation]

Pension does not count