Just because you retire doesn't mean your taxes go away. Find out from Gregory Ricks how the IRS hits your retirement income streams like Social Security, IRA distributions, income from your 401k, and investment gains. Gregory goes into more detail on how stock dividends can be taxed, and what factors can affect that amount.
A couple in Gregory's office working out their retirement plan had the husband's pension continuing for the spouse at 75%. Gregory cautions against that income drop for the wife, because they also lose one of their Social Security checks as well. If anything, you want to find ways to give yourself a raise throughout retirement to account for inflation and ballooning healthcare costs.
We review a great call from Saturday's show. Lori in Alabama asks Gregory Ricks and Dwayne Stein their opinion on if a mortgage refinance would help solve her situation.
Gregory decodes how your Social Security benefits are taxed. Once you pass certain income limits, the tax exposure for your Social Security jumps up. There are even 13 states that can tax your Social Security benefits.
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