KANSAS CITY, Mo. — Older Americans need to understand what is a tax opportunity and what is a tax trap.
Chris Orestis is the president of Retirement Genius. He is an expert on retirement planning, long-term care, and financial health.
These are a few of the things you should be aware of as you get older.
Social Security can be both a trap and an opportunity, according to Orestis.
“When you turn 65 and they’re still paying taxes, there are some differences to what they are used to in the past,” Orestis said.
If you’re making income while you’re getting social security, your social security benefits can end up being taxed, if you’re making above a certain amount.
In 2022 the income limit is $19,560.
“If you start making money above that number, you’ll end up getting taxed against your social security benefit.
To find out other possible tax traps you may fall into, listen to the full interview with Orestis in the video player at the top of the page.
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