I’ve been working with an advisor this year, and even though I consider myself pretty knowledgeable about investing and managing finances, I’ve come to find out an aspect I never considered or knew much about… taxes!
I intended to take social security a little early, maybe 65 vs my full retirement age which is 67. But I don’t think I will do that now.
I have a lot of capital gains ( or I did, I think much of it disappeared this month ), and if my income as a single person is below 40K, I can sell off those investments and owe 0 capital gains tax. If I make $40,001 or more I’d owe 15%.
I also might be ahead if I convert my IRAs to Roth at a time I am keeping my income low.
Getting $30 grand or so a year social security might cost me more than that in potential tax savings for a couple years.
Those are things a good financial planner and or accountant can help sort out for clients. Everyone’s situation is unique so there is no one size fits all you’ll find online.