Suze Orman shared with Americans the best way to avoid the Social Security 'tax torpedo'

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Suze Orman shared with Americans the best way to avoid the Social Security 'tax torpedo' - here's how to dodge it and retire richer

//stocks-investing.news-articles.net/content/202 .. do-here-s-how-to-dodge-it-and-retire-richer.html

Published in Stocks and Investing on Wednesday, December 4th 2024 at 14:10 GMT by

Thomas Matters

Suze Orman couldn't have been clearer in her recent podcast when she proclaimed, "The best way to prepare for retirement is to only have Roth retirement accounts â€” bar none." That's because Roth accounts protect you from the devastating impact of a tax torpedo â€” and yes,

Suze Orman, a well-known financial advisor, has provided guidance on avoiding the "Social Security tax torpedo," a situation where an increase in income can lead to a significant portion of one's Social Security benefits becoming taxable. In her advice, Orman suggests that retirees should be cautious about their income levels, particularly from sources like Required Minimum Distributions (RMDs) from retirement accounts, which could push them into a higher tax bracket. To mitigate this, she recommends strategies like Roth IRA conversions, which allow for tax-free withdrawals in retirement, thus not contributing to the income that could trigger the tax torpedo. Additionally, Orman advises on managing withdrawals from tax-deferred accounts carefully, considering part-time work, or delaying the start of Social Security benefits to reduce the taxable income in any given year. By planning income streams wisely, retirees can potentially keep more of their Social Security benefits and enhance their financial security in retirement.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/suze-orman-shared-with-americans-the-best-way-to-avoid-the-social-security-tax-torpedo-here-s-how-to-dodge-it-and-retire-richer/ar-AA1vcGjr ]

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