Kansas City CPA Explains How Social Security Election Can Be More Difficult Than It Seems
When filing, know your options
OVERLAND PARK, KS. - Most taxpayers do not give nearly an appropriate amount of consideration to how and when they will file for Social Security benefits. According to Kansas City area CPA, Kyle Nagy, those who are approaching retirement with significant assets need to look strategically at the tax implications of Social Security, and also at the long-term benefits for their overall retirement portfolio.
“For those with less,” Nagy added, “those [Social Security] benefits are going to determine what kind of lifestyle they can afford, for the duration of their retirement. A little bit of proper planning can make all the difference for folks in this situation, on how they will make ends meet, or what they can look forward to.”
Social Security is more complicated than it may seem at first blush. Making an educated decision about how to file for your benefits requires some solid planning.
“Unfortunately, it’s not helpful at all to follow conventional wisdom. Rules like ’always file for benefits early’ aren’t true for many, if not most, situations. Everyone’s life is a bit different, and if you fall prey to “one-size-fits-all” approaches, you can easily end up making a mistake that will cost you,” Nagy said.
Filing options include “standard filing,” “early filing,” “delayed,” and “file and suspend.” For married couples, there are more than 16 different combinations of these that can be used.
“To start with, for yourself and your spouse, find your personal Social Security earnings and projected benefits. The Social Security Administration can give you this information if you give them a call. The next step would be to seek out an advisor that can help you pick the best filing options for your situation. Don’t take this decision lightly. It’s so crucial to plan this out well, that it’s more than worth it to seek help,” Nagy advised.
Kyle P. Nagy CPA offers tax services to individuals and small businesses. He enjoys helping individuals and families save money on taxes. Give him a call (913) 693-7984, email email@example.com or visit his website http://kansascity-cpa.com
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- Kyle Nagy
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- Kyle P Nagy CPA
- (1) (913) 693-7984
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