Avoid the Social Security Tax Torpedo

Please note that the deduction cell in the spreadsheet is editable, and it is NOT tied to your single/married status for a few reasons: 1. The standard deduction changes every year, so by making this an editable box, you can use this spreadsheet this year, next year, and as long as Social Security taxation works the way it does. 2. The deduction changes based on how old you are, so for those above 65, you can put in your deduction while those under 65 can use theirs. 3. Many people do not take the standard deduction and itemize their deduction instead. Since this field is fully editable, that means the spreadsheet will work for these folks as well. Hope this helps :) Isn't an error. It is intentional.

You two are the best level-headed combination on YouTube for helping us with retirement planning. I was forever confused about how ss benefit is taxed. The table gave me so much clarity

Nothing but positive things to say about this presentation! Thank you both!

Great show. You two make a perfect team, both very down to earth and explain things well, in simple ways.

Great Video. I have heard so much about the Tax Torpedo. No one has suggested a way to avoid it. The spreadsheet is a wonderful tool so I can play with numbers. Thank You.

This is such a complex subject. I have a wealth advisor and an accountant but I really need to understand this to make the final decisions. I feel more comfortable after watching your videos. Thank you so much.

i watch this, go do some scenarios and do more research, get more questions -- i keep coming back and rewatching with new info and it all makes more sense. thank you so much for making this video and spreadsheet, it is helping me so much!

Great video. Thank you for this insight , Appreciate the spreadsheet-Amazing !

Great content, as usual! And thanks Zaac for realizing that having/keeping money is different for different people - and honoring what having that money means to them!

Finally a well thought out tool to limit or organize one's tax torpedo tax contribution levels . Thank you both! Who knows what the future will bring but, today we feast.

Awesome....What a fantastic planning tool! Thank you.

Great video. You mentioned about pushing thru the tax torpedo. Doing the Roth conversions BEFORE taking Social Security avoids the tax torpedo. Drain the traditional IRA amounts before taking Social Security - by either spending it or by Roth conversions.

Thank you for going over different scenarios & reviewing how making changes to the income structure can either save you or impact your taxation. This video is extremely useful 🎉

Thank you!! This answers so many questions I have had on how taxes work in retirement. I am downloading the spreadsheet.

This is a great video. Good job! One reason someone might consider partial Roth conversions is to avoid that a future RMD push income over a threshold that allows lower rent. Some places in my area will double or triple the rent for income over the threshold.

Thank you for every bit of information. This has helped me sooooo much!

This is one of the best explanations of SS taxes and Roth conversions I’ve seen on YouTube! Outstanding job guys!

These videos are fantastic! And I concur non alarmist is a great way to describe both of you. I love the non sales approach. My husband and I could use the help and discussion. Will be reaching out for advice and management. Retired, 62 and loving life and hope to for many more years to come!

Another excellent Video! I retired at 61 and will now be turning 65 in a few weeks. Your Medicare videos have been invaluable to me in selecting the best path given my personal situation. I have been holding off on starting SS until minimally full retirement age of 66+10 months, but have been trying to justify that wait in my mind. This video helped me expand that thought process considerably and once I get fully familiar with your spreadsheet I'm sure I'll be able to make a truly informed decision! Thanks so much to you and Zacc for pulling this together. As I dive deep into the spreadsheet I will be sure to reach out if there are questions I can't resolve. Thanks again and best regards!!

Found you guys this weekend and love your videos. I too love my spreadsheets and trying to figure out the best strategy but so much to consider. The spreadsheet is awesome!!! I would make one suggestion. Make one unprotected cell where we can write notes.