We're taking a trip down memory lane to Spring of 2013 and revisiting an insightful article written by our very own, Marty Urbanowicz, CFP®, EA. Originally published in the NATP TaxPro Journal, this piece explores the timeless importance of understanding tax brackets and the taxation of Social Security benefits. Despite changes in the tax code, Marty's strategic guidance on managing income sources, such as IRA distributions, to optimize tax brackets and minimize taxes on Social Security benefits, remains incredibly relevant. These strategies can lead to significant tax savings and improved financial well-being in retirement, proving that good financial planning never goes out of style.
View and download the PDF by clicking the link below:
Financial, Tax, and Social Security Planning
Disclosures:
Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.
A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.
These are hypothetical situations based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.