Don't Let These 2 Social Security Surprises Hurt Your Retirement.
Rather than getting surprised, we want to be able to maximize that social security benefit. The second point can really help you think through what's the best age to take benefits.
-Dave Zoller, CFP®

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In this video, I want to help make you don't get surprised by these 2 things that could impact your social security. Rather than getting surprised, we want to be able to maximize what you should get. The 2nd point can really help give you an idea of the optimal time to take benefits. And also, if you're looking for a way to plan out your retirement without working with an advisor, check out the DIY Retirement plan below this video. Onto the first surprise, Which is everyone's favorite thing to talk about...taxes. Most states dont tax social security but 13 states do. And when it comes to federal taxes, you'll most likely be expected to pay tax on 85% of the social security benefit you receive.
So pretend you receive 10k in social security. $8,500 could be counted as income and taxed at your ordinary tax rate. If you have more than 44k of taxable income, you'll most likely pay tax on 85 % of your social security. And that's about 34k for filing single. Those are tax year 2020 numbers just to give you an idea on if you might have to pay tax. Where people may get caught off guard is assuming that social security won't be taxed. but if you have an IRA or 401k that you plan to use in retirement, those withdrawals could be taxed, which would add to taxable income and increase the chance of social security being taxed at 85%. So as you plan out your cash flow and income plan, just make sure you take that into account when planning tax expenses.The second surprise happens when people don't think thru the best age to take their benefit.The common thought is, "if I'm not working, let's start social security".But that might be the best thing to do.

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Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA.

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