Well didya or dintya? When it came to retirement income.

[Shiftless]

How did you select paying your income taxes when you retired?

Didya select #1: Take the taxes out of my monthly retirement and put the rest of the pile into my account?

OR

Didya select #2: No Thanks! I will pay my own quarterly's?

OR

#3 Didn't have a choice?

 

[1989]

Taxes? Oh yeah, tax time is coming up.

 

[rod]

Quarterly-----the wife is real good on guesstimating what we will owe. We usually end up owing less than a couple of hundred bucks. I prefer not letting Uncle Sam use my money interest free all year long. No refunds at the end of the year here if we can help it.

 

[Shiftless]

Quarterly-----the wife is real good on guesstimating what we will owe. We usually end up owing less than a couple of hundred bucks. I prefer not letting Uncle Sam use my money interest free all year long. No refunds at the end of the year here if we can help it.

Same here. We adjust thru the year depending on investment returns so we keep OUR monies separate from uncle sams over reach.

 

[burrheadd]

Taxes

 

[Catatonic]

#2
Pay on Jan 15th.
Got fined $25 once.
Always get a letter and Quarterly forms.

 

[BrownFlush]

I do and pay nothing till tax day in April. Taxes & Penalties , Fed & State . It only hurts for a little while . The reward is I don't think about it for the next 51 weeks.

 

[Areyoukiddinme]

I let them take it up front compared to what they used to take weekly it's not worth thinking about

 

[brownmonster]

Quarterly-----the wife is real good on guesstimating what we will owe. We usually end up owing less than a couple of hundred bucks. I prefer not letting Uncle Sam use my money interest free all year long. No refunds at the end of the year here if we can help it.

As opposed to earning .0005%?

 

[rod]

As opposed to earning .0005%?

I don't know what you are investing in but I would go with something different if I was you.

 

[Finner]

Quarterly Estimated Payments. (#2)

 

[BrownFlush]

I let them take it up front compared to what they used to take weekly it's not worth thinking about

It has turned out that 7 out of the last 8 years , I have made more in retirement than the highest paid driver at the center . I think about it.

 

[olroadbeech]

#1. don't worry about it. we get a small refund every year.

 

[Griffin1820]

#1. don't worry about it. we get a small refund every year.

Your retired making more now than you did full time and you get a refund? As a young guy trying to get a retirement plan figured out your my hero!

 

[olroadbeech]

Your retired making more now than you did full time and you get a refund? As a young guy trying to get a retirement plan figured out your my hero!

my pension is only about a third of what I was making full time. but that puts us in a lower tax bracket so we get a refund.

but you are right if we factored in a 3-4% withdrawal from the 401k, the IRA, and social security we would have a higher income than when I was working.

if you are young and planning ahead for retirement you are in the top 5% of smart people. don't have all your eggs in one basket. pension, max 401k, roth Ira's ,social security , and cash savings and you'll be OK.

the mistake most young people make is getting into debt over toys. cars, trucks, rvs, motorcycles, etc. paying interest on loans.( and credit cards ) there is nothing wrong with enjoying some toys. just buy them 3-5 years old when they have already depreciated 60-70 %.

we were lucky when we bought our home in the 90's. prices were about a quarter what they are now. I'd wait and see if there is another housing bubble crash and be ready for it by having a bunch of cash ready for a down payment.

good luck.

 

[Griffin1820]

my pension is only about a third of what I was making full time. but that puts us in a lower tax bracket so we get a refund.

but you are right if we factored in a 3-4% withdrawal from the 401k, the IRA, and social security we would have a higher income than when I was working.

if you are young and planning ahead for retirement you are in the top 5% of smart people. don't have all your eggs in one basket. pension, max 401k, roth Ira's ,social security , and cash savings and you'll be OK.

the mistake most young people make is getting into debt over toys. cars, trucks, rvs, motorcycles, etc. paying interest on loans.( and credit cards ) there is nothing wrong with enjoying some toys. just buy them 3-5 years old when they have already depreciated 60-70 %.

we were lucky when we bought our home in the 90's. prices were about a quarter what they are now. I'd wait and see if there is another housing bubble crash and be ready for it by having a bunch of cash ready for a down payment.

good luck.

I bought my first house when i was 19 and now i own one and 42k away from owning my second. All my toys are 10 years old my debt other than mortgage is 5k and i am 33.
I should be driving full time within the year and hope to reach top pay and then work 10 years. Weve made a commitment to put every dime over 700 a week into an investment. My seasonal and summer vacation driving has went into remodeling the past couple of years.
Im still researching the best ways to invest and dodge taxes. Lol

 

[UpstateNYUPSer(Ret)]

I bought my first house when i was 19 and now i own one and 42k away from owning my second. All my toys are 10 years old my debt other than mortgage is 5k and i am 33.
I should be driving full time within the year and hope to reach top pay and then work 10 years. Weve made a commitment to put every dime over 700 a week into an investment. My seasonal and summer vacation driving has went into remodeling the past couple of years.
Im still researching the best ways to invest and dodge taxes. Lol

401k is your best bet to “dodge” taxes.

 

[Griffin1820]

401k is your best bet to “dodge” taxes.

Does UPS match a percentage?

 

[BakerMayfield2018]

Does UPS match a percentage?

Your avatar says file file file and you are unaware that ups does not match 401k. Lmfao.

 

[IVE GOTTA PACKAGE 4U]

Does UPS match a percentage?

No. They pay into a retirement plan on your behalf