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Social Security Planning

How does Social Security, and its potential taxation, impact my overall retirement income portfolio?

Simply put, the realities of retirement have changed – drastically.

  • Social Security has already showed us that in a 3-month time span between 2015-2016, we have lost two filling strategies; file and suspend and the restricted applications. This has taken thousands of dollars in options of filling away from retirees.
  • Pensions are a thing of the past.  By replacing pensions with defined contribution plans such as a 401(k)’s, employers are shifting the burden of investment responsibility to the individual.
  • People are living longer. Your retirement may last more than 30 years! It’s important to be as tax-efficient as possible, as it will help maintain your wealth to support you for as long as you live. If your social security becomes taxable, and you are in a higher tax bracket in retirement than you were during your working years, you could be moving into a higher tax bracket when the time comes to draw your Required Minimum Distributions. Getting A Tax-Smart 2nd Opinion could possibly help condense the about of taxation on your Social Security benefit.
  • Markets are unpredictable in the short-term.  Effective financial planning helps you ride out short-term market fluctuations and focus on the aspects of your finances that are more predictable. Controlling tax liabilities, for example is a great way to improve net returns on your investments.
  • Taxes may rise…  Federal income tax rates are currently at historic lows. Given persistent budget deficits, it’s prudent to plan for the possibility that our federal, state and local governments will eventually raise tax rates.

The sooner you start, the more you’ll benefit.  Anyone age 45 and older should pursue a Tax-Smart retirement strategy. The earlier you begin, the more options you’ll have. These options can be confusing to understand and complex to implement. That is why it’s so important to work with a tax based team. Call us today at (216) 755-4481 to receive a complimentary Social Security analysis and basic Tax-Smart 2nd OpinionSM


Not associated with or endorsed by the Social Security Administration or any other government agency.

Planning from a Tax-Smart Perspective.