Dr. Preston Cherry explains why many Gen Xers are caught off guard when they find out—yes, your Social Security can be taxed. Up to 85% of your benefits could be taxable if your income crosses certain thresholds—thresholds that haven’t kept up with inflation. If you've saved diligently or have extra income from side gigs or investments, you could be looking at a smaller Social Security check than expected. The surprise? It’s all perfectly legal—and avoidable with the right planning.
Takeaways:
• Taxed Social Security
• IRMAA surprise fees
• RMDs raise taxes
• Two-year income lag
• Plan withdrawals smart
00:00 Intro
01:00 Social Security Isn’t Tax-Free
02:26 IRMAA and RMDs
04:43 What to Do Instead
05:56 Final Thoughts
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