As you’ve seen in our previous sections, there’s a lot you need to know and learn about social security. How to impact and maximize the income you receive from it, but also to minimize the tax impact on your social security, other income and Medicare costs.
In your working years, you are contributing 6.2% of your pay to Social Security, and your employer is matching that, so 12.4% of what your income would be is being contributed into Social Security. That’s a pretty big amount. If you are self-employed, you pay the employees part and the employer’s part, so 12.4%.
If you think retirement income planning sounds like a buzzkill, you’re not alone. We all have dreams of what we want our retirement to look like, where we will live, how and with whom we’ll spend our time. But, without the right planning, the reality might be less than ideal.
Many people in the financial world have a lot to say about annuities – but what are they really saying? It can sound like straight gibberish. Like anything, annuities can be simple, or they can be complex. The goal of capital management is to enjoy your retirement by doing things you love with people you love, not spending more time digging through a web of fees and taxes.
Social Security and how you can maximize your retirement income is not just a hot topic for those planning for retirement; it’s a critical area in which knowledge is power.