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Social Security is one of the most important income sources for many retirees. Unfortunately, it s a confusing program with lots of complex rules. That makes it difficult for seniors to optimize their income.
The good news is, there are techniques you can employ to get the most money possible from Social Security. If you re interested in increasing your retirement income, check out these three Social Security hacks suggested by Motley Fool s benefits experts.
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You can give your filing a do-over
Channel3000.com
February 14, 2021 9:22 AM newsfeedback@fool.com (Charlene Rhinehart, CPA)
Posted:
Updated:
February 16, 2021 8:45 AM
There’s an income tax, and then there’s a wealth tax. If you work a job, you’re probably no stranger to the income tax. But the wealth tax is a foreign concept for many, focusing primarily on a person’s net worth.
If you’re on the journey to building wealth, here’s what you should know about the wealth tax and how it could potentially affect your net worth.
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A breakdown of the wealth tax
A wealth tax is different from income tax. While income tax is based on the money you earn every year, a wealth tax is based on the money you keep otherwise known as your net worth. Your net worth is the market value of all your assets minus liabilities.
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