Posted by Texasmark1 on January 31, 2015 at 05:56:58 from (184.63.18.117):
In Reply to: Re: Retirement taxes posted by MarkB_MI on January 31, 2015 at 02:19:04:
I totally agree and this is how I set up my retirement. Getting the lump sum puts YOU in control of YOUR money and you have access to it as you need it, a big chunk or none at all. If you put it in a safe place you don't have to worry about company problems and potential unlawful raidings on company retirement funds that are supposed to be separate money and safe.............
Pay attention to the tax and SS when looking at income. If you have no additional income it's a no brainer. You don't even have to file. But as you add outside income, aka IRA distributions to your 1040, SS sticks it's head up and out come the taxes on it over the minimum limit. Amount depends on how much additional income you include.
The bad thing about additional income and SS is that it can amount to what appears to be double taxation. Best thing for you to do is go to IRS.gov and in the 1040 instructions PDF pull up a SS worksheet. It's all there in glorious black and white. You can play with the numbers and see how much IRA you can take out and what's your tax burden. It's NOT a linear scale.
Oh, one more thing. If you are the thrill seeker and decide to gamble your life's savings, aka play the market of whatever type, just remember, if you loose 50% of your savings, you have to earn 100% just to get back where you were. Now where can you get that kind of return........food for thought.
Happy Retirement. I have enjoyed mine since Jan1, 2005.
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