Liz Weston: 3 ways to reduce taxes on social security
By LIZ WESTON of NerdWallet
Most people drawing Social Security pay taxes on at least some of that money, but there are ways to reduce the bite if you plan ahead. Delaying the start of your Social Security benefits to age 70 not only means getting a larger benefits check, it could also save hundreds or thousands of dollars a year in taxes. Contributing to a Roth IRA or Roth 401(k) can also help your tax situation, and you could also explore doing a Roth conversion of money already in a pre-tax account. Managing the required minimum distributions you must take from retirement savings can also help.
