A spouse can receive a benefit based on the other spouse's record. When one spouse dies, the survivor keeps the larger of the two benefits. That makes the higher earner's claiming age especially important for married couples.
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Up to 85% of Social Security benefits can be subject to federal income tax, depending on your other income. Tennessee does not tax Social Security, and neither does Georgia. Planning withdrawals and Roth conversions around benefits can reduce how much of your benefit is taxed.
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If you retire before you claim, your savings must cover the gap. We size that bridge and decide which accounts fund it, often creating room for Roth conversions in the same years.
If you claim before full retirement age and keep working, the earnings test can temporarily withhold benefits above an annual earnings limit. Withheld amounts are reflected in a higher benefit later, but the cash-flow effect needs planning.
Pensions, annuity payments and required minimum distributions all affect your tax bracket and Medicare premiums. Social Security is planned alongside them.
