Beware of This "Tax Torpedo" That Comes Along with Social Security
Briefly

from 24/7 Wall St.3 months ago
The Social Security 'Tax Torpedo' is a tax spike retirees face due to additional income from Social Security pushing them into a higher tax bracket.
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/04/beware-of-this-tax-torpedo-that-comes-along-with-social-security/
Understanding the Tax Torpedo is crucial for retirees, as it can drastically reduce the expected income after taxes, contrary to their initial retirement plans.
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/04/beware-of-this-tax-torpedo-that-comes-along-with-social-security/
Retirees often find themselves unexpectedly taxed at higher rates due to their combined income from Social Security and other sources, highlighting the need for careful financial planning.
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/04/beware-of-this-tax-torpedo-that-comes-along-with-social-security/
Planning is essential to navigate the Social Security 'Tax Torpedo'; taking proactive steps can help retirees manage their tax liabilities effectively.
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/04/beware-of-this-tax-torpedo-that-comes-along-with-social-security/
Read at 24/7 Wall St.
#social-security #tax-planning #retirement #income-tax #financial-strategy
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