Many retirees are surprised to learn that above a certain income, Social Security is taxed. In retirement, it’s important to know how all your income streams will be taxed, and how to mitigate those taxes. In this video, Peter with Richon Planning explains 3 strategies to Erin Kennedy:
1. Convert to a Roth IRA
2. Consider Shifting Income Investments
3. Delay Claiming Your Social Security Benefits
Another strategy to consider is a Qualified Charitable Distribution. Determining which strategy is right for you is a very personalized calculation, and it’s something we specialize in at Richon Planning.
