This is not a good year to be a higher-income Social Security recipient. Overall, benefits are unlikely to be adjusted for inflation, but Medicare Part B premiums are on track to rise for high-income retirees.
That means 2015 is a great year to look for ways to cut the taxes on your Social Security benefits for those who expect to owe some. Financial advisors have a number of suggestions to make that happen, from reexamining when you claim Social Security to tweaking your investments.
Higher net worth investors with higher income are going to owe the most taxes on their Social Security income, said John Piershale, a wealth advisor at Piershale Financial Group. "If people are way over those thresholds, that's where it can be tricky."
Even so, there are a few possibilities. Here are five of the best.