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How Much Income Tax Do Retirees Pay?
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- Опубликовано: 8 апр 2024
- Show Notes: cardinalguide.com/wp-content/...
Welcome to today's Cardinal lesson, where we look into a topic that's crucial yet often overlooked - navigating taxes in retirement. Contrary to common misconceptions, the tax landscape shifts significantly once you retire. This isn't your usual tax talk; it's about strategizing to pay less and keep more of your income once you hit retirement.
Questions? Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at cardinalguide.com/
H E Scheil & Associates doing business as Cardinal Advisors holds an insurance license in all 50 states and DC. Listed below is the license # in each individual state. Alabama 675461, Alaska 100118081, Arizona 1800012348, Arkansas 100104794, California 0K32569, Colorado 464622, Connecticut 2463129, Delaware 1119857, DC 2887040, Florida L087124, Georgia 159539, Hawaii 445296, Idaho 507076, Illinois 100333675, Indiana 721739, Iowa. 1002056691, Kansas. 272705345, Kentucky 738674, Louisiana 614407, Maine AGN249408, Maryland 100048542, Massachusetts 2006645, Michigan 0104206, Minnesota 40411912, Mississippi 15016382, Missouri 8325733, Montana 100126008, Nebraska 100224332, Nevada 1007341, New Hampshire 2315847, New Jersey 1557889, New Mexico 1800010640, New York 1382342, North Carolina 1000092550, North Dakota 2000136230, Ohio 1028975, Oklahoma 100190853, Oregon 100237062, Pennsylvania 589318, Rhode Island 2309277, South Carolina 1907911784, South Dakota 10017719, Tennessee 2252224, Texas 1963111, Utah 513447, Vermont 1038574, Virginia 129027, Washington 864498, West Virginia 100107166, Wisconsin 100192273, Wyoming 275179
The whiteboard maestro is back with another outstanding visual to better understand your financial situation.
Yes - great visual. I have trouble printing things while seated at a desk - and then I see these whiteboards. .. very neat!
Hans, so very sorry to hear about your fall. I wish for you a quick and complete recovery, as much as possible as we get older. Jimmy Buffet who said growing old is not for sissies.
Hans - I hope you feel better. I had an accident in 1985 on I-95 - and I still have issues from that. Add that to being older - and - I have to be careful with each step I take. But - we're still moving - and that's a good thing!!!
Thank you. Back on the golf course this weekend still wearing my brace.
Great video - I think this helps assuage the fears some people get from listening to these sensational Roth IRA videos where at the end you have the impression (I am being slightly hyperbolic) that if you have more than 1000 in your traditional IRA the IRS are going to take the whole thing ;-). The average American is probably going to do well taking the deferral in a 401k/IRA and enjoy a lower overall tax rate when they retire.
Well my mom is 90, her RMD is over 120000, plus about 25000 in dividends, plus SS, she paid about 35000 federal tax.
I guess it’s better than living on 1100 a month SS
@countdigi I would agree the median amount in retirement accounts would support your statement.
Single people should pay less tax, because we have to pay all household expenses ourselves. Married people do not have two entire sets of expenses. Plus, when single people need help, we have to pay for it. Married people can help each other with many things.
I totally agree. So much easier being a couple for all the reasons you stated and more. Not sure why single people always get the shaft
Excellent Advice. You guys really know what you are doing and explain it well with the white board, and all the charts for taxes. Thanks. PS ...I hope your knee heals up well. I am 66 and fell about 9 months ago also and twisted my knee. I have no insurance yet as my medicare was too high, but I was lucky and am healing almost 100% now . The first week I had to use a walker. Best.
@@77magicbus Thank you
I’m fortunate enough to be able to draw from a defined contribution plan at the age of 55, that starts November 1st of this year. I still plan on working and saving money.
I hope everyone saved enough to have fun in retirement and not be a burden to your family.
Should show one at FRA and one at 70. Only 2 years left on the Trump tax break. Wonder what the $ figures are going to be when the brackets reset in 2026?
I wish you a speedy recovery
Another informative work! Thanks guys!
Thanks for taking the time to do this!
A very interesting video. Good to see the different scenarios.
I always appreciate your videos. i wish you used more lower income examples, but still they are very informative.
Very good explanation. One of the few I have seen that is accurate.
“Getting to keep” Social Security income which has already been taxed is a peculiar way to term it. And to fail to mention that provisional income levels have not been changed since 1982, resulting in more SS being taxed is also a disservice.
Check out the proposed "You Earned it, You Keep it" bill.
It’s a miracle if SS is even sustainable long term despite all the cuts
In this video the tax benefits of a married couple (over the single) is so evident that I might just go out and "hunt" me a wife.
Thanks Tom for the hint.
Hans and Tom - can you construct one which represents a couple who have an age difference (15 yrs in my case), and how they will progress from one being retired to both being retired?
Dennis This is one year 2024 in a lifetime for a couple. Our financial plans project Social Security, Medicare, long term care, IRA/401k, income and investment, and taxes over 2 lifetimes. We have other clients with a similar age difference.
Wanted to print out the documents you suggested to print. Hit the show notes and there was a 401 error came up and the documents did not come up
This is fixed now. Sorry for the inconvenience.
Is the ira withdrawl traditional in your example? I thought withdrawls MUST be taxed if it was traditional.
It’s traditional. The one with no tax is wiped out by the $30,000 plus standard deduction.
It is taxable income. No different than if it was earned from a job!
Why would you do the same income for a couple and a single person when a single person spends less than a couple? Have yet to find a video where people in Finance actually know how the common people spend money.
According to the IRS website the standard deduction for married filing jointly over 65 is $30,700 I like your exhibit better but is it correct?
$29,200 Married/Joint both under 65. Add $1550 each for both 65+. $29,200 + $1550 + $1550 = $32,300
Sorry to belabor this but IRS.gov says the standard deduction is $27,700 for married filing jointly.
@@cindynelson295 This is for 2024 returns which will be filed in April 2025. I have rechecked my numbers twice. $29,200 married/joint under 65 both. Add $1550 each if both over 65. Total = $32,300 You might be looking at 2023 numbers. It’s coincidental we came out with this video at 2023 tax filing time. We are financial planners not tax preparers. I apologize if this confused anyone. We post a financial planning video every Tuesday and it’s about taxes every 7 weeks. 1) Social Security, 2)Medicare, 3)Long-Term Care, 4) IRA/401k, 5) Income & Investment, 6) Estate Planning, 7) Income Tax
I've always said, a single person with no kids is one of the highest taxed individuals on the planet.
Line 6a indicates there are $93,600 in social security benefits with a taxable amount of $59,380. The taxable amount on combined income of more than $34,000, is 85% of that income. Line 6b should be $79,560 or 85% of $93,600, a difference of $20,180 in taxable income.
I am confused on that also.
www.covisum.com/blog/help-clients-calculate-provisional-income-and-see-how-social-security-may-be-taxed . This explains that its not 85% on the whole amount. Part of it is 50% (between 25K and 34K), similar to how marginal tax rates work. I still didn't get 59k, I got 64.7K. But I probably entered something wrong.
Answer???? Depends on how much income you have coming in….social security, pension, RMD
How much income tax do retirees pay? In our case, it is a lot.
Then you have a lot of provisional income. Question is what is your overall tax percentage.
Total BS that single people have to pay more in taxes. That needs to change. Two incomes easier life vs one income. Not so called “equitable.”
Go find a wife and you’re all good to go.