Tax Torpedo – be careful how you withdrawal your retirement savings. It is easy to make a mistake and increase the taxes on your Social Security. I’m quoted in Investment News today. Mary Beth Franklin, expert on Social Security and retirement planning, interviewed me a while back on the tax torpedo. This is an article for advisors, but there are a few examples that are worth reading.
What is this? If you withdrawal your money from your savings the wrong way, your taxes on Social Security could go up SIGNIFICANTLY. Don’t let this happen to you. Some simple analysis and advice on the order to withdrawal your assets, can save you thousands of dollars.
“Advisers need to be careful to consider taxation on Social Security to ensure they don’t bump their clients’ taxes on benefits from 50% to 85%,” Mr. Meyer said. “If you control for taxes on Social Security, you can help your clients keep more money to fund their retirement.”
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