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<blockquote data-quote="keista" data-source="post: 537516" data-attributes="member: 11965"><p>The calculator you are using on line is just an ESTIMATE. Even though you have to give them your SS# to use it, they do not pull up your records to do your estimated calculation. Hopefully when the economy improves, they will start sending out those statements again that gave you realistic estimates based on your actual earnings. the only assumption on those was that you would continue earning at your current rate.</p><p></p><p></p><p>To reduce your tax liability in retirement, put money away in a Roth IRA (or Roth 401K if available) With the ROTHs, you pay taxes this year, but all earnings on that money are tax free in the future.</p><p></p><p></p><p>Hypothetically speaking, if SS plus your retirement is over 50K, you get taxed at the 25% tax bracket. If your retirement is in a ROTH, those withdrawals dont' get taxed and if your SS is on 20K, then you're only taxed on 20K at the 10% bracket. (these are just hypotheticals, I have no clue where the brackets change.)</p></blockquote><p></p>
[QUOTE="keista, post: 537516, member: 11965"] The calculator you are using on line is just an ESTIMATE. Even though you have to give them your SS# to use it, they do not pull up your records to do your estimated calculation. Hopefully when the economy improves, they will start sending out those statements again that gave you realistic estimates based on your actual earnings. the only assumption on those was that you would continue earning at your current rate. To reduce your tax liability in retirement, put money away in a Roth IRA (or Roth 401K if available) With the ROTHs, you pay taxes this year, but all earnings on that money are tax free in the future. Hypothetically speaking, if SS plus your retirement is over 50K, you get taxed at the 25% tax bracket. If your retirement is in a ROTH, those withdrawals dont' get taxed and if your SS is on 20K, then you're only taxed on 20K at the 10% bracket. (these are just hypotheticals, I have no clue where the brackets change.) [/QUOTE]
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