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Taxes In Retirement - How Your Retirement Income May Effect Your Social Security Benefits

 

 

How Does Withdrawal From Different Types Of Retirement Accounts Effect Your Tax Rate?

In this episode of After The Paycheck, Ryan and Adam discuss:

  •  Three Ways That Retirement Accounts Are Viewed From A Tax Standpoint
  •  How Your Retirement Income Withdrawal Plan Can Effect Your Social Security Benefits
  •  The Difference Between Effective Tax Rate and Marginal Tax Rate
  •  Options You May Have Before Retiring That Could Help Lower Your Tax Rate In Retirement

2019 Tax Table:

2019-Tax-Table

2019-Tax-Provisional

 

Action Steps -

  1. Use Our Monthly Budget Planner To Find Out Your Monthly Income Needs
  2. Multiple that by 12 to calculate your annual withdrawal needs, and find out where you initially fall in the 2019 tax bracket
  3. Determine if your Social Security income would be taxed (and at what rate), and if that may effect your retirement longevity and lifestyle expectations.
  4. Speak with a tax professional to discuss your unique situation before taking any action!

Questions, comments, concerns? Let us know by filling out the form below!

Topics: Retirement Planning, tax-deferred accounts, 401(k)

Tags: Retirement Planning, tax-deferred accounts, social security, after the paycheck

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