Eighty Five Percent, Twelve Percent, Fifty Percent discussed on Business Beware

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As well so the guy's an expert a wizard i've quoted him before many times on social security taxation and here's what he had to say many retirees pay a higher marginal tax rate on their income in retirement than they do before retirement even if their tax bracket falls in retirement years due to the taxation of social security benefits many low and middle income retirees will pay a marginal tax rate which by the way is the tax rate on the very next dollar of income that is one hundred and fifty percent to one hundred and eighty five percent of their tax bracket this this is why you need to have a team of financial professionals that are well skilled in this area if you are on the precipice of retirement or you are already retired because this can make a big difference and the utilization of tax free income such as the roth ira can be very very beneficial for these individuals so when we come back i'll give you a couple of examples of this enormous tax increase i mean a person that's making like thirty grand a year could find themselves in a twenty or thirty or forty percent tax bracket when they're only supposed to be in the twelve percent bracket that's what the topic is for today creating some tax free income and also explain how you can create a lifetime of.

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