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UPS Retirement Topics
How much are taxes on pension ?
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<blockquote data-quote="olroadbeech" data-source="post: 4656090" data-attributes="member: 52145"><p>Like mentioned the tax bite is not so bad because you will be in a lower tax bracket. We made about 70k last year between pension and social security and our California state tax was $79.</p><p></p><p>Fed was around 4k. At age 65 you get extra exemptions.</p><p></p><p>But in retirement , your expenses go way DOWN. For us no more commuting so all those expenses go away. Car ins went down because of less mileage . Many bills went down. Plus we were lucky enough to pay off house 2 years before I retired.</p><p></p><p>Our biggest expenses now are groceries and eating out and our homeowners insurance. </p><p></p><p>The one negative is you are basically on a fixed income and most utilities and prices on everything keep going up every year. But we planned for that also. It still sucks though to get yearly increases on bills every year. When working I would just volunteer some for OT.</p></blockquote><p></p>
[QUOTE="olroadbeech, post: 4656090, member: 52145"] Like mentioned the tax bite is not so bad because you will be in a lower tax bracket. We made about 70k last year between pension and social security and our California state tax was $79. Fed was around 4k. At age 65 you get extra exemptions. But in retirement , your expenses go way DOWN. For us no more commuting so all those expenses go away. Car ins went down because of less mileage . Many bills went down. Plus we were lucky enough to pay off house 2 years before I retired. Our biggest expenses now are groceries and eating out and our homeowners insurance. The one negative is you are basically on a fixed income and most utilities and prices on everything keep going up every year. But we planned for that also. It still sucks though to get yearly increases on bills every year. When working I would just volunteer some for OT. [/QUOTE]
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How much are taxes on pension ?
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