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Today, more retirees understand the value of maximizing their Social Security benefits by delaying collection up to as late as age 70. This sudden increase in retirement income, and potentially even greater amounts at age 72 when required minimum distributions (RMDs) begin, can trigger higher taxes that retirees may not have anticipated. As an advisor, how do you help your clients plan for this tax increase?
Start by maximizing Social Security income
Many retirees know that the later they file for Social Security, up to age 70, the higher their benefits. Most workers with retirement accounts, such as IRAs, SEPs, 401(k)s, 403(b)s and other defined contribution plans, also realize that they must start withdrawing funds from these accounts by age 72.
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