Olde Hornet
Well-Known Member
http://www.usatoday.com/story/money...urity-tax-drain-and-keep-more-money/30524409/
Withdrawals from IRAs and other personal retirement plans can make Social Security benefits taxable. That means a strategy of tapping these accounts early, and delaying Social Security, can make sense.
Deciding when to start taking Social Security benefits depends on many factors, including how long you expect to live and the amount of financial resources at your disposal.
Income taxes and withdrawals from other retirement accounts also can influence the decision, yet these factors often don’t get as much attention as they should. So says a new report from Prudential that, among other things, looks at the potential tax bite on Social Security benefits.
Withdrawals from IRAs and other personal retirement plans can make Social Security benefits taxable. That means a strategy of tapping these accounts early, and delaying Social Security, can make sense.
Deciding when to start taking Social Security benefits depends on many factors, including how long you expect to live and the amount of financial resources at your disposal.
Income taxes and withdrawals from other retirement accounts also can influence the decision, yet these factors often don’t get as much attention as they should. So says a new report from Prudential that, among other things, looks at the potential tax bite on Social Security benefits.