Financial advisors want to make the right suggestions surrounding taxable Social Security benefits for their retired clients. In many cases, properly planning retirement account withdrawals alongside Social Security benefits can lower the total tax burden. However, with the rules and information surrounding the timing of Social Security benefits and taxes, painting a clear picture of what to expect can be challenging. Creating well-planned tax planning strategies can help clients maximize their retirement timeline and avoid paying unexpected taxes on Social Security when it’s time to start taking required minimum distributions (RMDs). Let’s look at how to help clients with taxable Social Security.
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