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Tax time tips for retirees

Prepare to be taxed on your savings withdrawals. Unless you have a Roth IRA, the money you withdraw from your retirement savings is subject to ordinary income tax. So if your effective tax rate is 15% and you withdraw $30,000 a year from your 401(k), prepare to fork over about $4,500 to the IRS. The same holds true for pension plan withdrawals, which are also taxed as ordinary income. Furthermore, if you have an annuity, a portion of your distributions may be taxable as well. Knowing what to expect tax-wise can help you prepare and better manage your money, so read up on the rules for taxes and withdrawals. Read stories like this and more in your latest edition of The Ennis News. Be informed, subscribe today!

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Posted by on Mar 30 2018. Filed under Consumer tips, Lifestyles. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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