How to Reduce Your Taxes in Retirement

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2. Pay closer attention to taxes on Social Security

Sometimes, your well-needed Social Security benefits get taxed. And it’s up to you to change that.

In other words, if the amount of money from your outside income and one-half of your benefits are more than $25,000 in case you file as single (and $32,000 when you file with your spouse), then a big portion of your Social Security benefits may be taxable.

Try to keep your outside income as low as you can in order to minimize your taxes in retirement. In some cases, most seniors are better off without those extra dollars from outside income.

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