Calculators Overview

 

Social Security Tax Calculator - This calculator is designed to illustrate a current scenario V.S. deferred scenario, so you can see what type of tax savings you could have by using a tax advantaged account. 

 

Accumulate Social Security - This calculator can be used to illustrate collect and save strategy. 

 


 


 

Social Security Collection Strategy Overview

 

 The Strategies listed below are designed to help you maximize your retirement income by collecting Social Security Benefits at the optimal age.

 


 

Restricted Application

 

The Bipartisan Budget Act of 2015 was signed November 2. This common filing strategies currently offered will no longer apply starting in 2016.


 

Other Collection Strategies

 


 


 

Social Security Tax Strategy Overview

 

The Strategies listed are designed to provide a tax benefit today while meeting future financial goals such as Retirement, Emergency Fund or Legacy planning. By simply moving certain taxable assets into tax advantaged accounts the interest earned does not appear on your tax return and is not used in calculating you combined provisional income. Combined Provisional Income is used to determine the taxable amount of Social Security Benefits.

 

Strategies for Retirement, Emergency Fund or Legacy planning

 


 

Roth IRA Conversion

 

Contributing to a Roth IRA or Converting from a Traditional IRA to Roth IRA can potentially reduce or eliminate the tax on Social Security in later years.  Income from a Roth IRA is tax free and is not used in the formula to determine the taxable portion of Social Security.  Note when converting to a Roth IRA the tax's are owed in the year of the conversion.