How a 401(k) Balance Over $800,000 Will Quietly Cost a Retired Couple $4,600 a Year in Taxes on Social Security
The IRS formula can tax up to 85% of benefits, and one retired couple’s $45,000 withdrawal adds about $4,600 in federal taxes.
2 Articles
2 Articles
A 65-Year-Old With $900,000 in a 401(k) Discovers 85% of Her Social Security Will Be Taxed, and the Withdrawal Order That Fixes It
The post A 65-Year-Old With $900,000 in a 401(k) Discovers 85% of Her Social Security Will Be Taxed, and the Withdrawal Order That Fixes It appeared first on 24/7 Wall St.. A 65-year-old single retiree has $900,000 in a traditional 401(k). Her plan was simple: claim Social Security now and pull the rest of her budget from the 401(k). Then she ran a draft tax return and found that most of her benefit was being taxed as income, even though she con…
Balance Over $800,000 Will Quietly Cost a Retired Couple $4,600 a Year in Taxes on Social Security
Balance Over $800,000 Will Quietly Cost a Retired Couple $4,600 a Year in Taxes on Social Security appeared first on 24/7 Wall St.. A married couple, both 67, has $850,000 in a traditional 401(k) and receives $60,000 a year in combined Social Security. Their plan is to pull $45,000 a year from the…
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