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Tax Strategies for Retirement Income

In this final video you’ll learn about the different tax strategies for retirement income, and you’ll gain an  understanding about how your tax plan and your financial plan need to work together as a comprehensive plan. Skip will explain how Social Security income is classified as provisional income and what that means to you. You’ll also learn about the portion of  your Social Security that will be taxed based on your provisional income.

From delaying your Social Security to Roth Conversions, you will also learn that there are many ways to reduce your provisional income, resulting in a lower percentage of your Social Security being taxed. Often times, you are able to change your income and tax situation for the rest of your life in the first few years of retirement by proactively planning, and in this video Skip will explain how.

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Sources

Different Types of Retirement:
Source: money.msn.com/retirement/how-to-evaluate-retirement-risks
Source: www.pe.com/business/business-insider-headlines/20121128-biggest-risk-in-retirement-taxes.ece

Live Longer In Retirement
Source: http://longevity3.stanford.edu/wp-content/uploads/2013/09/SOA_SCL_Final.pdf, Page 13

The History of Social Security
Source: //www.socialsecurity.gov/pubs/EN-05-10072.pdf

Age Required to Receive Full Social Security Benefits
Source: http://www.ssa.gov/retire2/agereduction.htm

Qualifying for Social Security
Source: https://www.ssa.gov/news/press/factsheets/colafacts2016.htmSource Source: http://www.dol.gov/ebsa/pdf/retirementtoolkit.pdfEarly/

Late Benefit Comparison Chart
Source: www.ssa.gov/oact/ProgData/ar_drc.html 
Source: www.ssa.gov/oact/cola/piaformula.html

Working and Collecting Benefits
Source: http://www.ssa.gov/retire2/whileworking.htm

The Solvency of Social Security
Source: www.ssa.gov/oact/trsum/

Choices We Face for Restoring Solvency
Source: http://www.ncsl.org/ncsl-in-dc/standing-committees/labor-and-economic-development/maintaining-the-solvency-of-social-security.aspx
Source: www.usdebtclock.org

New Laws Affect Future Social Security Claiming Stragegies
Source: http://docs.house.gov/meetings/RU/RU00/CPRT-114-RU00-D001.pdf

New Law: Applies 3 Sets of Rules to 3 Different Groups
https://www.ssa.gov/planners/retire/claiming.html

Claiming Social Security Benefits Following a Divorce
Source: www.aarp.org/content/dam/aarp/aarp_foundation/2012-05/find-out-how-to-claim-social-security-if-you-are-divorced-aarp.pdf

Survivor’s Benefits
Source: www.aarp.org/work/social-security/info-02-2011/social_security_mailbox_survivor_ benefits.html

Potential “Fixes” For Those Who Have Already Started Collecting Early Benefits
Source: http://www.cbsnews.com/news/started-social-security-too-early-5-possible-fixes/

Part B - Medicare Costs
Source: ttps://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html

Social Security Administration Guide
Source: https://secure.ssa.gov/poms.nsf/lnx/0200203004

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