CFG Retirement Website: https://cfgretirement.com/
CFG Retirement Phone Number: 952-657-7470
Vince Oldre email: vince@cfgretirement.com
You've worked hard for decades, and contributed to social security all along the way. That money should be tax-free when you collect it in retirement, right? Well, not always. Today, Vince Oldre from CFG Retirement Group explains the thresholds and scenarios that could have you paying taxes on your social security income.
When calculating the percentage of your SSI income that will be taxed, the IRS will look at all of your taxable income- this can include Required Minimum Distributions, Pensions, and anything else. Vince tells the story of a client who thought he planned correctly, but the mistake he made. Also, keep this in mind. Non-taxable income, such as Roth IRAs, do not count toward this calculation. Vince explains.