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UPS Retirement Topics
Social Security Wants You To Wait
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<blockquote data-quote="satellitedriver" data-source="post: 1311692" data-attributes="member: 1664"><p><span style="color: #006633"><strong>I hope you do not do your own tax returns, and retirement investments.</strong></span></p><p><span style="color: #006633"><strong><img src="/community/styles/default/xenforo/smilies/group2/oops.gif" class="smilie" loading="lazy" alt=":oops:" title="Oops :oops:" data-shortname=":oops:" /> You are incorrect. </strong></span></p><p><span style="color: #006633"></span></p><p><span style="color: #006633"><strong>Both type of IRA's, standard and Roth,</strong></span></p><p><span style="color: #006633"><strong>are only limited to the amount one is able to contribute each taxable year, no matter the source of income.</strong></span></p><p><span style="color: #006633"><strong>(Exception's apply if you have earned income in the range of about $200,000.) </strong></span></p><p></p><p><span style="color: #006633"><strong>Social Security income is a taxable event, when added to all other sources of income. The only "Grace" given,</strong></span></p><p><span style="color: #006633"><strong>by the IRS, is that only 85% of your Social Security payment is subject to taxes, based on a sliding scale of all income.</strong></span></p><p></p><p><span style="color: #006633"><strong>My advice is to take SS at 62.</strong></span></p><p><span style="color: #006633"><strong>The odds are always with "the house" when you gamble time over money.</strong></span></p><p></p><p><span style="color: #006633"><strong>Best of Luck,</strong></span></p><p><span style="color: #006633"><strong>Steve</strong></span></p><p> <span style="color: #006633"></span></p></blockquote><p></p>
[QUOTE="satellitedriver, post: 1311692, member: 1664"] [COLOR=#006633][B]I hope you do not do your own tax returns, and retirement investments.[/B] [B]:oops: You are incorrect. [/B] [B][/B] [B]Both type of IRA's, standard and Roth,[/B] [B]are only limited to the amount one is able to contribute each taxable year, no matter the source of income.[/B] [B](Exception's apply if you have earned income in the range of about $200,000.) [/B][/COLOR] [COLOR=#006633][B]Social Security income is a taxable event, when added to all other sources of income. The only "Grace" given,[/B] [B]by the IRS, is that only 85% of your Social Security payment is subject to taxes, based on a sliding scale of all income.[/B][/COLOR] [COLOR=#006633][B]My advice is to take SS at 62.[/B] [B]The odds are always with "the house" when you gamble time over money.[/B][/COLOR] [COLOR=#006633][B]Best of Luck,[/B] [B]Steve[/B] [B] [/B][/COLOR] [/QUOTE]
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