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Understand how Social Security benefits are taxed up to 85%, he said.
Delay Social Security benefits to reduce taxes from other tax-advantaged accounts like Roth IRAs or tax-efficient taxable accounts.
Strategically withdraw fromtaxable, tax-deferred accountsand tax-free accounts.
Retirees can leverage tax-loss harvesting withtaxable investment accountsto offset capital gains with capital losses, Yarbrough added.
Retirees who are charitably inclined can use qualified charitable distributions (QCDs) to reduce taxable income.
This can reduce taxable income and potentially keep Social Security benefits from being taxed at higher rates.
There areno income limitsif you are at full retirement age (FRA) or older, they explained.
to deliver that income throughout their life, he explained.
This is simply an invitation, not an obligation, he said.
you could only do this once.
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