RETIREMENT CORNER
Some food for thought for your Tuesday…
The following is a chart from the website, The Budget Book. It illustrates that by their calculations, by 2031 all projected tax revenues would only be enough to pay for 3 federal programs (Medicare, Social Security and Medicaid) and interest we owe on our national debt....
Social Security still makes up a large chunk of the retirement income pie (about 35% for the average American). It may come as a surprise to some that up to 85% of a person’s benefit could indeed be added to your taxable income. In fact, about 40% of Americans pay taxes on their Social Security benefit. So how do you determine if your Social Security payments are taxable?...
Because federal tax law reaches deep into all aspects of our lives, it’s no surprise that the rules that affect us change as our lives change. This can present opportunities to save or create costly pitfalls to avoid. Being alert to the rolling changes that come at various life stages is the key to holding down your tax bill to the legal minimum. Check out these issues that face the newly retired.
