You’ve been contributing to social security since your first paycheck as a teenager. So, you’ve essentially been loaning your money to the government for decades. And when you finally want to get this money back, the government is going to try to tax you on it. And this is just one of many trap doors with filing for social security. That could cost you an arm and a leg. You could get taxed on as much as 85% of your social security benefits. In this episode, we'll discuss the ultimate guide to filing for Social Security that could boost your benefits by hundreds of thousands of dollars, including:
- How you could reduce, or avoid paying $187,945 in taxes of your benefits.
- Why your social security benefits could trigger higher Medicare premiums, and taxes on IRA and 401k withdraw.
- How the new changes for social security in 2-21 could impact you.
Host Ben Christy interviews Beacon Capital Management's Senior Partner and Co-Owner, Pete Benson, and CEO and Co-Owner Jon Maxson, for this episode of the Beacon Retirement Strategies Radio Show: Myths and Misinformation about Social Security.