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I'm Expecting $3,000 in Social Security Each Month. What Strategies Can Reduce My Tax Burden?

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Summary
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80% Informative

At $ 36,000 a year from Social Security , none of your benefits would be taxable.

At $ 42,000 in combined income for a single filer, up to 85% of Social Security benefits are taxable.

You may be able to manage this by using Roth accounts, getting income from non-taxable sources or reducing your income by working less or taking smaller withdrawals.

Social Security is a critical part of many retirees’ income plans.

Estimate how much you’ll get from this important source of income using SmartAsset ’s Social Security calculator.

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