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The post 5 Tax Strategies for Your Retirement Income appeared first on SmartReads by SmartAsset. But ignoring the tax consequences of your retirement income can take a bite out of your nest egg.
Identify income sources: Determine the various streams of income you’ll have in retirement, such as Social Security benefits, pensions, IRA/401(k) withdrawals, investment income, etc.
Social Security Income is Taxable. “Up to 85% of your Social Security benefit might be included in your taxable income,” said Justin Pritchard, CFP at Approach Financial, Inc. “That’s a ...
For married filers, a combined income of $32,000 to $44,000 triggers tax on up to 50% of Social Security benefits. Up to 85% of benefits are taxed for married filers with a combined income of more ...
For tax year 2023, the addition to the standard deduction for individuals 65 and older is $1,850 for single filers and $1,500 each for married taxpayers. There is an additional increase to the ...
People receive a mix of income in retirement: Some 92 percent of retirees over the age of 65 collected Social Security, and two-thirds drew from retirement accounts or pensions in 2021, according ...
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