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Deciding to retire can feel a bit unnerving. Retirees have plenty to potentially worry about – some of which they have no control over – like how the market will perform and how fast prices at the supermarket will increase.
But regardless of the economic environment, simple mistakes can prove costly for retirees.
Here are some common mistakes that you'll want to avoid as you enter your golden years. And if you need additional help planning for retirement, consider connecting with a financial advisor.
Did you know that you may need to pay income taxes on your Social Security benefits? In fact, up to 85% of your benefits may be taxable, depending on your other sources of income. The income thresholds that trigger taxes are set at specific amounts and don't adjust for inflation, which means more retirees hit those tax limits every year.
#taxes
Deciding to retire can feel a bit unnerving. Retirees have plenty to potentially worry about – some of which they have no control over – like how the market will perform and how fast prices at the supermarket will increase.
But regardless of the economic environment, simple mistakes can prove costly for retirees.
Here are some common mistakes that you'll want to avoid as you enter your golden years. And if you need additional help planning for retirement, consider connecting with a financial advisor.
Did you know that you may need to pay income taxes on your Social Security benefits? In fact, up to 85% of your benefits may be taxable, depending on your other sources of income. The income thresholds that trigger taxes are set at specific amounts and don't adjust for inflation, which means more retirees hit those tax limits every year.
#taxes
2 months ago
