“When an individual’s ‘combined income’ — defined as half your Social Security benefit, plus your other adjusted gross income — exceeds $25,000 as a single person, your benefit becomes taxable,” said personal finance writer JoeTaxpayer. “Simply put, the tax burden on $30,000 of Social Security benefits and $20,000 from retirement funds will be far less than if the two were reversed.”
Everyone’s situation is unique, but a sit-down with a tax expert can help you to reduce your overall tax burden in retirement.
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