Are you prepared for hidden tax traps in retirement? Many retirees assume their tax rates will go down, but for those with significant savings, unexpected tax burdens could cost them thousands of dollars each year.
Today, Scott Sierens, CFP®, uncovers three major retirement tax traps that could push you into a higher tax bracket, increase your Medicare premiums, and reduce your Social Security benefits. We'll also address trending news about the potential elimination of taxes on Social Security benefits and answer a listener's question about the timing of claiming Social Security.
Here's some of what we discuss in this episode:
⚠️ RMD Shock – How required minimum distributions can spike your taxes
💰 Medicare IRMAA Surcharges – Why higher income can increase your healthcare costs
📉 Social Security Taxation – How much of your benefits could be taxed?
0:00 – What's coming up
2:10 – 1st Tax Trap
5:24 – 2nd Tax Trap
8:25 – Social Security in the news
12:34 – Listener question on SS claiming
Resources for this show:
Want to get in touch?
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Join us for our next financial workshop: https://sierensfinancialgroup.com/
Check out our free guides:
Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/
Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/
Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Facebook: https://www.facebook.com/SierensFinancial/
LinkedIn: https://www.linkedin.com/i
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