Maximizing Social Security Benefits & Roth Conversions -Expert Tips
Considering turning on your Social Security benefits before full retirement age? Here's an important point: If you're earning over $21,240 annually (for 2023), your benefits could be reduced.
Another reason to wait is to maximize the potential for Roth conversions. Once you retire and your income drops, there's a window before you start taking Social Security or large IRA withdrawals where you can efficiently manage your tax planning. Turning on Social Security too soon might complicate this strategy.
Use this window wisely to optimize your retirement and tax benefits. Still have questions? We are here to help.