Posted by
Message
seawolf06
LSU Fan
Raleigh, NC
Member since Oct 2007
6939 posts

re: Congress is considering big changes to the way you retire
All I see is more red tape and more money for financial planners.

The system needs to be simpler, not more complicated. Eliminate all tax incentives for retirement accounts and reduce the income tax by an equitable amount.

I should be able to save how I want and where I want without having to play all these games with pre/post tax savings, contribution or withdrawal limits and estate planning.


Replies (0)
Replies (0)
11
Enadious
LSU Fan
formerly B5Lurker City of Central
Member since Aug 2004
16184 posts

re: Congress is considering big changes to the way you retire
quote:

It irks me that my required minimum distribution will trigger that part of my and my wife’s social security will be taxed. So this part would be good news to me.


I don't think that's how it works. You'll be at full retirement age before that, and thus won't have to pay tax on SS. :

If you work and are full retirement age or older, you can earn as much as you want and your benefits will not be reduced. However, individuals may begin taking Social Security retirement benefits early beginning at age 62. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full benefits. If you earn more than $17,640 (in 2019), Social Security will deduct $1 from your benefits for each $2 you earn over the threshold. In the year you reach full retirement age, you can earn up to $46,920 (in 2019) without having a reduction in benefits. However, if you exceed $46,920 in earnings, Social Security will deduct $1 from your benefits for each $3 you earn until the month you reach full retirement age. Once you reach full retirement age, your benefits will no longer be reduced.
LINK


Replies (0)
Replies (0)
00
first pageprev pagePage 3 of 3next pagelast page
refresh

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram