I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@AlinaMathilda The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
In MA there is no tax deduction for contributions to an IRA, therefore they won’t tax these contributions again when withdrawn. Gains are taxable though.
Exec summary: No state income tax in AK, FL, NV, NH, SD, TN, TX, WA, WY and states w/ income tax but don't tax pensions or retirement distributions are IL, MS, PA, while AL & HI don't tax pensions but *do* tax retirement distributions [IRAs, 401(k)s, etc.] Don't forget property & sales tax rates: those can be a significant part of your total tax burden as well.
Yes. The IRS wants their cut. But portions of your SS are taxed at different rates [the 1st $980? or so is not taxed, & other bend points follow. Josh Scandlen (sp?) does frequent breakdowns of how SS is taxed on his channel's retirement vids.] Pension is taxed the same as earned income as far as the IRS is concerned, AFAIK. [Not a tax pro here, so confer w/ a CPA if you think I'm wrong about that.] The important thing AFAIC is to get to a state where I can draw on my 403(b) [same-same as 401(k), just diff. section of the tax code for quote-unquote non-profits] w/o having to pay the state for my withdrawals on top of the fed's cut...
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@AlinaMathilda That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@FernandoBowen-78 My advisor is VICTORIA CARMEN SANTAELLA;
You can look her up online
@@AlinaMathilda The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
In MA there is no tax deduction for contributions to an IRA, therefore they won’t tax these contributions again when withdrawn. Gains are taxable though.
Exec summary: No state income tax in AK, FL, NV, NH, SD, TN, TX, WA, WY and states w/ income tax but don't tax pensions or retirement distributions are IL, MS, PA, while AL & HI don't tax pensions but *do* tax retirement distributions [IRAs, 401(k)s, etc.] Don't forget property & sales tax rates: those can be a significant part of your total tax burden as well.
Thanks
Also no state income tax in Texas
So a person will still have to pay federal tax on there SS and pension distribution?
Depends entirely where. -Ohio
Yes. The IRS wants their cut. But portions of your SS are taxed at different rates [the 1st $980? or so is not taxed, & other bend points follow. Josh Scandlen (sp?) does frequent breakdowns of how SS is taxed on his channel's retirement vids.] Pension is taxed the same as earned income as far as the IRS is concerned, AFAIK. [Not a tax pro here, so confer w/ a CPA if you think I'm wrong about that.]
The important thing AFAIC is to get to a state where I can draw on my 403(b) [same-same as 401(k), just diff. section of the tax code for quote-unquote non-profits] w/o having to pay the state for my withdrawals on top of the fed's cut...
If I am a military Contractor that lives in Japan do I have to pay Arizona State if I have not lived there for 20 years?
can I move to a state to avoid paying taxes on my ohio pension? Or does Ohio still get to tax it…?
What the property tax and sales tax cost of living? Most local are reasonable like Detroit by nyc income tax isnvery high
What about Georgia?
What about disabled people in Georgia?