Real cost of full timing
I am nearing retirement and would like to RV full time, traveling the country stopping no longer than 30 days in any one area. I'm not frugal but I'm not extravagant either. I don't want to spend my r...
Forum Discussion
Clarification on the example I gave of a retired couple with $48,000 of net income...
Husband SS 18,000
Wife SS 9,000
Other Inc 21,000
Total Incom48,000
Federal and State tax will be very close to ZERO! Obviously everyone's
numbers will vary depending on the exact figures, but the tax is small if you go a bit over these figures. (Many retirees have income well below these numbers and don't have to file.)
I see folks jumping through all these hoops to get domicile in a no tax state, but the irony of the situation is that they don't have a tax problem to begin with.
The longer you plan to live, the better off you will be if you wait until Age 65+ to draw social security. Retiring before 65? Try to use other income and retirement funds to live on rather than draw SS at 62. You take about a 25% cut on SS when you start it at 62.
Getting all of this straight in your own situation can make the difference between a low tax stress free existence and a financial nightmare.
(For singles, the same principles apply but the total amount of income tax free is different. ( Roughly SS + $12,000 of other income and that will result in no tax for most folks).
Husband SS 18,000
Wife SS 9,000
Other Inc 21,000
Total Incom48,000
Federal and State tax will be very close to ZERO! Obviously everyone's
numbers will vary depending on the exact figures, but the tax is small if you go a bit over these figures. (Many retirees have income well below these numbers and don't have to file.)
I see folks jumping through all these hoops to get domicile in a no tax state, but the irony of the situation is that they don't have a tax problem to begin with.
The longer you plan to live, the better off you will be if you wait until Age 65+ to draw social security. Retiring before 65? Try to use other income and retirement funds to live on rather than draw SS at 62. You take about a 25% cut on SS when you start it at 62.
Getting all of this straight in your own situation can make the difference between a low tax stress free existence and a financial nightmare.
(For singles, the same principles apply but the total amount of income tax free is different. ( Roughly SS + $12,000 of other income and that will result in no tax for most folks).
