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How to Pay ZERO TAXES on Social Security - 6 Simple Strategies | The Limitless Retirement Podcast
Manage episode 426780981 series 3428945
Contenuto fornito da Ted Gudorf, Danny Gudorf, Gudorf Law Group, Gudorf Financial Group, Ted Gudorf, Danny Gudorf, Gudorf Law Group, and Gudorf Financial Group. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da Ted Gudorf, Danny Gudorf, Gudorf Law Group, Gudorf Financial Group, Ted Gudorf, Danny Gudorf, Gudorf Law Group, and Gudorf Financial Group o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.
"It's crucial to understand how different income sources can impact the taxation of your Social Security benefits."
Unlock the secrets to reducing your tax burden on Social Security benefits! Nearly half of all recipients now find themselves taxed on these crucial benefits, and the number is only climbing. On today's episode of The Limitless Retirement Podcast, our host Danny Gudorf explains why this is happening and provides actionable strategies to help you manage it. Learn how the unchanged income thresholds from the Reagan era have trapped more retirees in taxable brackets and discover how mandatory withdrawals from tax-deferred accounts at age 73 can complicate your financial picture even further.
Danny breaks down the IRS's formula for determining whether your Social Security benefits are taxable and explains the differences in thresholds for single filers versus married couples filing jointly. This episode is packed with essential information to help you optimize your retirement planning and minimize taxes on your hard-earned benefits. Tune in to gain the knowledge you need for a financially savvy retirement!
Key Topics:
- History and Current State of Social Security Benefits Taxation (00:37)
- Social Security Taxation Thresholds (05:54)
- Real-Life Examples of Varying Social Security Taxation (07:32)
- How to Avoid Paying Taxes on Social Security Benefits (11:37)
- Wrap-Up (19:06)
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