Did you know you owe tax on Social Security payments?

You’ve been paying into Social Security for years but when it comes time to cash out, Uncle Sam will be waiting with a tax bill. In this week’s edition of Retire Ready, Chris Heerlien explains how much you could be on the hook for and what to do about it.

One important part of your retirement plan is to find a way to create tax-free income, such as using a Roth account. Step two, he says, is to put together a withdrawal strategy that helps you minimize the taxes you’ll pay each year.

Lastly, he explains how to get your free copy of his latest publication, “4 Tax strategies for retirement.”

Sponsored by REAP Financial. The information, advice and answers displayed in the 512 Experts, Austin Experts or 512 Health, Austin Health sections are those of individual sponsors and not KXAN-TV/Media General. KXAN-TV presents this content on behalf of each participating sponsor. Sponsored content is copyrighted to its respective sponsor unless otherwise indicated.

KXAN.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Users who violate these terms, including use of vulgar language or racial slurs, will be banned. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s