Why Your Social Security Income Might Be Taxed – And How to Plan for It!

Did you know Social Security income can be taxable? Even though retirees have contributed throughout their careers, a portion of those benefits could still be taxed, depending on your total income.

Here’s how it breaks down for 2023-2024:

• If a couple’s total retirement income is between $32,000 and $44,000, up to 50% of Social Security benefits could be taxable.
• If their income is over $44,000, up to 85% could be taxed!

This is why having a smart, well-rounded retirement plan that includes income planning and tax planning is so important! With a bit of strategy—choosing wisely between IRAs, Roth accounts, and other investments—you can reduce tax impact and meet your income needs. Planning ahead helps make the transition to retirement smoother and keeps finances on track!