Insult to Injury – Retirement Taxes!

Along with the sad assumption that we will choose to be — or probably will be — poorer in our later years, so that we can pay a lower tax rate on the fruit of whatever appreciation our IRA or 401K plans yield, comes the the realization that our income can be used to “offset” our social security benefits.

That’s right, if you weren’t poor enough in your later years, until your full retirement year, nominally 67, don’t expect that being a little more productive will allow you a better position.  Nope, incomes over $15,720 a year will cause your benefits to be docked by 50%, dollar for dollar.

Not only can Personal Banking protect you from losing money while saving, it can keep you from losing it directly, after it grows, and indirectly, by letting you get back what was taken from you with a promise.