What Taxes Will You Owe On Retirement Income?

Contributing sentiments towards policy:

67% : Having some diversity of taxation on your retirement income is usually good.
53% : You will owe taxes on your Social Security benefits when your income exceeds a total income threshold each year.
51% : Roth IRAs and a Roth 401(k) are funded with after-tax dollars, meaning your withdrawals can be tax-free in retirement.
50% : Each year about half of Social Security recipients will owe federal income taxes on this portion of their retirement incomes.
49% : If you own a non-qualified annuity, you should work with your tax-planning financial planner to develop a strategy to make withdrawals as tax efficiently as possible over time.
48% : Taxes can take a big bite out of your retirement income.
46% : Contributions to these plans were excluded from your taxable income, and the IRS wants to collect taxes once you finally make withdrawals.
38% : This results in more of you hard earned money being used to pay taxes.
37% : It can also help you avoid being shocked at how much of your budget is eaten up by taxes and Medicare surcharges.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.