Part 3 Social Security
The only things certain in life are death and taxes." - Benjamin Franklin
Taxes on your Social Security benefits are calculated based on a formula known as provisional income. Provisional income is the sum of all income plus 50% of your Social Security benefits. Deciding when to collect your benefits can have a significant impact on how much of your Social Security will be taxed.
The good news: There are more efficient ways to arrange your finances so as to minimize your provisional income. Watch this short video to find out if you can reduce or eliminate taxation of your Social Security income.
You paid into Social Security your entire working life. Only a financial professional who specializes in Social Security planning can help you maximize your benefits and make sure you receive everything you're entitled to.