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401k roth
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<blockquote data-quote="brett636" data-source="post: 875682" data-attributes="member: 249"><p>Something else to think about upstate is in retirement when you begin drawing Social Security typically the benefits are not taxable, but start to become so once other sources of income start to add up over a certain amount. I believe that amount is $32k and as the income goes up so does the percentage of your social security that becomes taxable. I am not sure how much of your retirement income you plan on coming from 401k savings, but if that money comes from a Roth it is not reported on your income tax return thus not affecting the taxable amount of social security. Assuming the pension figures you posted are accurate you will be paying some taxes on your Social Security benefits, but anything that can reduce that may be worth looking into.</p></blockquote><p></p>
[QUOTE="brett636, post: 875682, member: 249"] Something else to think about upstate is in retirement when you begin drawing Social Security typically the benefits are not taxable, but start to become so once other sources of income start to add up over a certain amount. I believe that amount is $32k and as the income goes up so does the percentage of your social security that becomes taxable. I am not sure how much of your retirement income you plan on coming from 401k savings, but if that money comes from a Roth it is not reported on your income tax return thus not affecting the taxable amount of social security. Assuming the pension figures you posted are accurate you will be paying some taxes on your Social Security benefits, but anything that can reduce that may be worth looking into. [/QUOTE]
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