Determining the right time to retire involves extensive planning beyond Social Security, highlighting investment strategies, healthcare costs, and estate considerations. Many individuals overlook essential aspects such as creating a will to ease family burdens and managing tax implications which may reduce Social Security benefits. Tax planning is crucial, as up to 85% of Social Security income can be taxed. Seeking professional advice is recommended for efficient financial strategies, ensuring retirees do not fall prey to poor investment choices or neglect their estate planning needs, creating a holistic approach to retirement security.
The reality is that retirement planning has to go well beyond Social Security to feel truly comfortable calling it quits.
Creating a will or trust well before retirement is essential, so your family does not have to figure anything out.
This is true for Social Security, of which up to 85% of this money can be taxed, but also for navigating taxes around withdrawals.
Working with a financial advisor or certified public accountant is a smart idea to learn how to navigate high taxes during retirement.
Collection
[
|
...
]