For the past four years, we have been teaching a class about social security. You might be asking yourself why it is so important to learn about your social security benefits prior to filing. Let’s try to put the importance into context. If your benefit was $2000 a month, that would be the equivalent of having a $600,000 asset that you were taking 4% a year from for supplemental income. With an asset like that, you’d probably take pretty good care of it.
Our one-hour class is free to the public and covers many important topics. Enroll in our next class here. Here are just a few of the topics we cover:
Up to 85% of your benefits could be taxed. Our class will teach you how to structure your income in such a way that none of your social security will be taxed. Tax and retirement planning go hand in hand. You can’t do one without the other.
Earning Limitations #1
Can you work and collect benefits? Absolutely! However, you need to educate yourself on how much you can earn before the social security administration stops paying your benefits.
We’ll teach you how much the lesser wage earning spouse is entitled to without adversely affecting the higher wage earning spouses benefit.
Earning Limitation #2
How much you pay for your medicare premiums is a function of your earnings. Know the thresholds in order to minimize the premiums you pay.
Basics of Retirement Income and Tax Planning
Clearly, we are passionate about tax reduction strategies. Proper planning could result in the difference between living a tax-free retirement or paying taxes for the rest of your life. We urge you not to wait until you are ready to retire to start planning. By then it could be too late.
We recommend starting retirement income planning 5-10 years before you plan to retire. With time, we can reposition your assets into the most tax favorable positions that will ultimately get you to the tax-free retirement many of our clients have enjoyed.
Spending one hour in our class room at no cost to you is great way to give you the peace of mind that you’re on the right track, or make you aware that you need to alter the planning you’ve done(or not done). We look forward to seeing you at our next class. Enroll in our next class here.
Written by Marc Montini, licensed fiduciary and Investment Advisory Representative.
Tell a friend.
Let’s face it, retirement is a lot more fun when you can do it with friends. You may be reading this as an existing client with Montini & Co, or you may only know us for the classes we teach and the low cost tax returns we offer. Regardless, if you are losing sleep, it’s possible your friends are too. Let us help put you and your friends at ease. Call (480) 428-8005 or click our website to schedule an appointment