— Welcome to Part 6 of our series of informational videos on Social Security for Baby Boomers.

I’m Michael Smolak, here with Leonard Nelson. We are co-founders of NW Investment & Retirement Group, LLC. We work with investors to help them develop and manage their Retirement Strategies.

This is part 6 of our series on How Baby Boomers can successfully manage their Social Security benefits.

Did you know that Social Security benefits may be taxable? We will cover this and ideas for optimizing your retirement in this video.

When Social Security was first passed, there was no tax on Social Security income. That has since changed. Here are a few strategies:

• Consider reducing your other income with tax-advantaged investments (but not municipal bonds! — which will be included in your provisional income)
• Time your retirement plan and IRA RMDs, which may put you in a higher tax bracket; consider drawing down on your IRAs before 70-1/2
• Consider converting your traditional IRA to a Roth IRA in a low income year
• Delay your Social Security which may reduce the number of years benefits are subject to tax
• Reduce expenses: pay down debt, adopt simpler lifestyle
• Continue to manage your investments and taxes throughout retirement

To learn more, watch the video. Or call us today to schedule a meeting and begin planning your financial independence….(read more)

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As the sixth part of our series on minimizing taxes when receiving Social Security benefits, we will be focusing on the use of video resources to help in this endeavor. Video content can be a valuable tool for learning about financial topics, and when it comes to tax planning and retirement, there are numerous videos available that can provide valuable information and insights.

One of the main advantages of using video content is that it can help to simplify complex topics and make them more understandable for the average viewer. Tax planning can be a daunting subject for many people, but watching a video presentation can break down the information into more digestible pieces. Additionally, videos often include visual aids and graphics that can help to reinforce key points and make the material easier to follow.

When it comes to Social Security and taxes, there are specific strategies and considerations that retirees can take advantage of to minimize their tax liability. Videos can help to explain these strategies in a clear and concise manner, providing viewers with practical tips on how to optimize their financial situation. For example, a video may cover topics such as the taxation of Social Security benefits, how to coordinate retirement account distributions with Social Security payments, and the impact of other sources of income on tax liability.

In addition to educational content, there are also videos available that feature interviews with financial experts and professionals who can provide valuable advice and insights on tax planning and retirement. These interviews can be especially beneficial as they often provide real-world examples and practical advice that viewers can apply to their own situations.

Furthermore, with the rise of online platforms such as YouTube and other video-sharing websites, accessing informative videos on tax planning and retirement has never been easier. Individuals can simply search for relevant topics and find a wealth of resources at their fingertips.

In conclusion, using video resources can be an effective way to learn about strategies for minimizing taxes when receiving Social Security benefits. Whether it’s educational content or interviews with financial experts, videos can provide valuable information and insights that can help retirees make informed decisions about their tax planning and retirement. By taking advantage of these resources, individuals can better position themselves to maximize their financial well-being in retirement.