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Latest revision as of 14:57, 24 August 2026

Despite fresh tax rate reductions of your Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is really a whopping 46.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who purchase the good fortune (misfortune?) pertaining to being subject to both the 25% tax bracket and also the 85% inclusion rate for Social Security benefits.

If you and your spouse each put 6000 dollars to the 401k account, that would cut back your annual taxable income by ten thousand dollars. This means that your adjusted gross earnings are $66 hundred. That will yield a substantial tax cost savings. Another significant tax break comes when you purchase a house -- and itemize every one of your deductions.

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