Learn to Avoid This Common Social Security Trap

Apr 2, 2024


Retirement is your time to enjoy the things you postponed during your working years. Many of our clients enjoy being able to travel and indulge in the things they have saved for so diligently.

Sometimes, paying for a long-awaited trip means withdrawing more from your retirement funds. It’s important for you to carefully consider the tax implications of withdrawing more from accounts like IRAs. Keep in mind that increasing your taxable income can increase how much of your social security is taxable as well.

To better understand just how important this consideration is for your retirement plan, watch this clip from the Tax-Saving Strategies in Retirement” online course.

In this example, Bill takes an IRA withdrawal of $1,000 to pay for an upcoming vacation – and this results in $407 of additional taxes.

Travis Johnson, the instructor of “Tax-Saving Strategies in Your Retirement” walks us through how exactly this example breaks down so you can see how something like this could impact your retirement plan.

Learn more about how social security and other taxes can impact your overall retirement plan in the full “Tax-Saving Strategies in Your Retirement” course! Or, if you’d prefer one-on-one guidance, you can schedule time with a TRS financial planner.


Investment advisory services and insurance services are provided through The Retirement Solution LLC., a Registered Investment Advisor.

The general views outlined in this material are those of The Retirement Solution LLC. and should not be construed as individualized or personalized investment advice. This is for general information only and is not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial planner before investing.

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested directly. Any economic and/or performance information cited is historical and not indicative of future results. There is no guarantee that the strategies discussed will be successful. Risk accounts are not FDIC insured, not bank guaranteed, may lose value, not insured by any Federal Government Agency, and not a bank deposit.

The Retirement Solution LLC. is an investment advisor registered or exempt from registration in each state The Retirement Solution LLC. maintains client relationships.

The Retirement Solution LLC. is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein.


Providing for family, spending time with grandkids, traveling. You shouldn’t be wasting your golden years worrying about electric bills or the balance of your checking account. We’ve helped hundreds of people retire confidently and we can’t wait to do the same for you.

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