Up to 85% of your Social Security benefits could be taxed – take these steps now!

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Up to 85% of your Social Security benefits could be taxed. Many families planning for retirement don’t realize this – or how big of a bite it could take out of your retirement income.

In fact, this is one of the biggest tax traps that catches so many people off guard — and it could needlessly cost you thousands.

Here’s some good news: It’s possible to reduce the taxes you’ll owe on your Social Security benefits – if not eliminate them altogether – without waiting for Washington to change tax laws.

Retirement experts Ryan Thacker and Tyson Thacker, from B.O.S.S. Retirement Solutions explain how these taxes could impact your Social Security benefits.

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What Social Security gives, the IRS can take right back.

–Ryan Thacker, B.O.S.S. Retirement Solutions

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You might think your Social Security benefits should be exempt from any kind of taxes.

After all, you spent your entire working life contributing to Social Security – as a payroll tax. You’d think that when you get that money back, it wouldn’t be taxed again.

But when you report your Social Security income along with any other income in retirement, you could be in for a painful surprise. You could owe income taxes on up to 85% of the benefits you received throughout the year.

The government is sending you these checks – but that doesn’t mean you get to keep it all. The IRS may expect you to send it right back.

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Social Security taxes are just the tip of the iceberg.

–Tyson Thacker, B.O.S.S. Retirement Solutions

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It’s not just taxes on up to 85% of your Social Security benefits. You could end up owing a lot more taxes than you expect in retirement.

Many retirees have a significant percentage of their savings in tax-deferred IRAs and 401Ks. And while you probably think that it’s all your money — the truth is, you still owe taxes on every dollar you withdraw.

Worse yet, if you don’t have a strategy for these withdrawals, you could get pushed into an even higher tax bracket – paying more taxes. So you might need to withdraw even more money from your IRA and 401K just to pay the taxes.

Ultimately, this vicious cycle could lead to running through your retirement savings much quicker than you’re expecting.

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If you want to pay zero taxes on Social Security, the secret is in your taxable income.

–Ryan Thacker, B.O.S.S. Retirement Solutions

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Without proper tax planning, you could end up paying tens of thousands – even hundreds of thousands of dollars in unnecessary taxes in retirement.

The biggest factor influencing most retirees’ taxes in retirement is the taxable income you report to the IRS. Your Social Security benefits add to taxable income. So do your withdrawals from traditional IRAs and 401Ks. Plus other income sources from interest, dividends, real estate and more.

If your taxable income from all of these sources reaches a specific tipping point, that’s when you could owe taxes on up to 85% of your Social Security benefits – on top of taxes on your other income.

Certain tax planning strategies could significantly reduce what counts as taxable income in retirement.

One powerful example is converting a traditional IRA or 401K into a Roth. This could help you recategorize some of your retirement income from taxable, to tax-free. For some retirees, this one move could mean the difference between paying taxes on 85% of your Social Security benefits, or owing $0 on the same benefits checks.

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Retirement tax planning could save you a fortune in taxes for the rest of your life – not just for one year.

–Tyson Thacker, B.O.S.S. Retirement Solutions

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Paying more taxes than you have to on your Social Security benefits is just one of three major retirement tax traps that could needlessly rob you of your hard-earned savings.

Learn more about these tax traps – and how to avoid them – in a free report, “Three Retirement Tax Traps That Could Wipe Out Your Savings.” It’s from Utah’s B.O.S.S. Retirement Solutions.

What you learn could save you tens of thousands, or even hundreds of thousands of dollars in taxes during retirement.

B.O.S.S. Retirement Solutions has helped over 33,000 families reduce their taxes, make the most of their Social Security benefits, and plan smarter for retirement. They are a six-time winner of Utah’s Best of State award, and are frequently featured on NBC, CBS, and ABC TV, and on local radio stations.

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Tyson Thacker and Ryan Thacker are the CEO and President of B.O.S.S. Retirement Solutions. They are published authors of the book, “The B.O.S.S. Retirement Blueprint,” and they’ve helped thousands of area families plan for a better, more secure retirement. They are a five-time winner of Utah’s Best of State Award and have seven offices located throughout the Wasatch Front.

This is for illustrative purposes only, results may vary. Advisory services are offered through B.O.S.S. Retirement Advisors, an SEC Registered Investment Advisory firm. Insurance products and services are offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. BOSS submitted applications and paid application fees to be considered for the Utah Best of State for Retirement Planning awards. The award results were independently determined by the awarding organization’s criteria (https://www.bestofstate.org/about.html) and the information BOSS provided in the applications. BOSS received the Utah Best of State award in 2019, 2020, 2021, 2022, 2023 and 2025. Our firm is not affiliated with the U.S. government or any governmental agency. Marketing materials provided by Infinity Marketing Services.