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How Do I Avoid a Big Tax Hit on My First Year of Social Security?

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77% Informative

The amount of your Social Security benefits subject to taxes and the tax rate itself will depend on a handful of factors personal to your situation.

Talk to a financial advisor about building a strategy to minimize taxes in retirement.

Delaying 401(k) and IRA Distributions may make sense to reduce your other income streams to prevent additional taxation.

SmartAsset ’s free tool matches you with vetted financial advisors who serve your area.

An emergency fund should be liquid -- in an account that isn't at risk of fluctuation like the stock market.

A high-interest account allows you to earn compound interest.

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