Retirement Experts: 6 Savvy Money Moves You Didn’t Know You Could Do With Social Security

Oct. 7, 2024 - Yahoo Finance

Blend Social Security Benefits With Other InvestmentsOscar Skjaerpe and Shane O’Hara, CFPs at ProVise Management Group in Tampa, Florida, said Social Security income can serve to increase your retirement portfolio. If you are receiving Social Security benefits and have excess cash flow, they said, this presents a great opportunity to invest in long-term assets.

However, he said there are several tax-saving strategies that can help reduce the tax burden associated with Social Security benefits. This can reduce taxable income and potentially keep Social Security benefits from being taxed at higher rates.

“You can only do this once.”More From GOBankingRatesThis article originally appeared on GOBankingRates.

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