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If you had a million in cash today...
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coup
Posted 11/24/2022 20:10 (#9948405 - in reply to #9948365)
Subject: RE: If you had a million in cash today...


USA
Boone & Crockett - 11/24/2022 18:33

coup - 11/24/2022 19:27

Boone & Crockett - 11/24/2022 16:58

Yogi - 11/24/2022 17:48

What I don't seem to understand is if you are a fairly successful person, plan for retirement, and end up at retirement age living actually as good or better than now why would you use tax deferred and risk being actually in a higher tax bracket. At least that would be my goal to avoid that also. Especially when social security is also taxed depending upon income. Also then you have mandatory withdrawals which would seem to make matters worse. Know a few people in that bind with traditional IRAs.
Im healthy, my wife is healthy, definitely defering social security to age 70. 62 now. I’d be tickled pink if I’m making more income in retirement than I’m making now while still actively working. Highly doubtful that’s gonna be the situation,but if it is, you won’t hear me complain. In the meantime, I ain’t much into giving Uncle Sam interest free loans of my money needlessly…..

Pretty foolish to defer taxes, thinking there is going to be a better deal down the road with way things look to be shaping up in this country.
Pretty certain I know my situation. Very doubtful I’ll be in a higher bracket when I’m no longer working than I am now. What would be foolish would be taking income now I don’t need and pay the maximum in tax.


There are those whose income won't drop enough when they retire to to get them in a lower tax bracket..
Married filing joint income for top tax bracket of 37% for 2023 starts @ about $694,000,. Not that hard to be above that limit with cash rent on couple thousand owned acres in this part of the country,then add SS income , interest income, and other investment income.


Next bracket down, drops to 35% and starts @ about $462,000. Now down to about 1000 owned acres cash rent to get in this bracket. My guess your defer tax strategy will be proven to be a costly mistake down the road for those who own 1000 plus acres of land in one of the corn belt states.

https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets
1983 top tax bracket was 50%, current top tax rates look like a bargain.

https://www.tax-brackets.org/federaltaxtable/1983
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