Income
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ESPP discount deemed ordinary income when sold - do I have to pay FICA on that when I am retired?
Jan 30 2024
I am retired but still have some ESPP stock from my last two employers. I know that when I sell these ESPP shares the 15% discount I received will be deemed "ordinary income" and as such I will need t...
community.aarp.org
How to Turn $1 Million Into Passive Retirement Income
Jan 30 2024
Learn how to allocate funds to receive passive income in retirement....
money.usnews.com
How to retire with low income, too late to plan ahead
Jan 28 2024
I'm about to reach full retirement age for Soc. Security. I've been working in a kitchen for the past few years and it's now gotten too physically demanding. I'm just about to pay off debts and I will...
reddit.com
Are GICs a no-brainer for retirees?
Jan 24 2024
For years, the humble GIC—guaranteed investment certificate—was disparaged by the fixed-Income cognoscenti and more often than not financial advisors. But, things started to change when in...
moneysense.ca
Income Tax On Social Security Benefits
Jan 23 2024
As we approach April 15, let’s discuss the federal taxation of Social Security benefits. Taxable benefits include retirement & spousal, survivor, and disability benefits....
forbes.com
Why the ubiquitous & loud obsession over taxes when retirement income is lower?
Jan 23 2024
Having had some good fortune while working, especially in my last three years, my estimated retirement income is ~72% less than while working. Accordingly, my income tax rates should also plummet as w...
reddit.com
6 Legit Ways to Get Paid to Advertise on Your Car in 2024
Jan 22 2024
Advertising on your car offers a unique opportunity to earn passive income simply for driving around like you normally do. While there are a few requirements to get started, you could earn upwards of ...
thinksaveretire.com
Question on spouse taking SS early and possible income penalty
Jan 22 2024
My wife is no longer working, so she has no income. She just turned 63. If she starts taking her SS now, does she get penalized for my income if we file taxes jointly? Her difference between taking at...
reddit.com
Many Barriers Hinder Rural Use of Government Programs
Jan 16 2024
Older Americans, low-income workers, and people with disabilities are over-represented in remote areas of the country. But rural enrollment in federal and state programs tends to be low, creating a sh...
crr.bc.edu
Retirement 'income' vs salary income.
Jan 16 2024
I'm trying to figure out how much of my 401k I'd need to withdraw per year after I retire to have an amount of 'take home pay' equivalent to my current situation. These are the factors that can think ...
reddit.com
6 Strategies to a Roth IRA for High Income Earners
Jan 09 2024
High income earners may face limitations when contributing to a Roth IRA due to income restrictions. However, there are several strategies they can employ to maximize the benefits of a Roth IRA or fin...
commonfinancialsense.com
Location Independence — What Can YOU Do with It?
Jan 08 2024
By Dr. Jim Dahle, WCI Founder Location independence is something that gets discussed a lot in the online entrepreneur space but not very often among doctors and other high-income professionals. That, ...
whitecoatinvestor.com
Beyond Billionaires: The Ripple Effect of Taxing Unrealized Gains
Jan 08 2024
Taxing the richest's unearned income—why should it matter to you? This episode peels back the complexities of the proposed legislation targeting billionaires' unrealized capital gains to examine...
sites.libsyn.com
Physicians’ Guide to Buying Online Businesses to Diversify Income
Jan 01 2024
While physicians tend to earn a very healthy paycheck, it’s also a career path with many expenses, drawbacks, or burnout. ... Read more...
physicianonfire.com
4 Smart Money Moves in 2024 That Could Make Your Money Go Further in Retirement!
Dec 26 2023
If you’re interested in learning about effective strategies to help you pay fewer taxes, generate income, minimize risk, and protect yourself from inflation in retirement… then don’...
bossretirement.com
Participant Demand, Auto-Features Among Top Predictions for Retirement Income
Dec 24 2023
The IRIC predicts growing interest, customized solutions, and more in retirement income for 2024...
401kspecialistmag.com
The Most Important Financial Goal in Retirement Isn't What You Think
Dec 23 2023
Today, Laura Stover, RFC® and Michael Wallin, CFP® discuss the importance of planning for retirement income and the role of annuities in retirement planning. They start by emphasizing the sign...
redefiningwealth.info
Doing the Thing vs. Selling the Thing
Dec 19 2023
There's something I've noticed about some people who make lots of money online—they derive the bulk of their income by selling other people on how to do something rather than doing that thing th...
ofdollarsanddata.com
Updating SSI’s Asset Limits Would Bolster Retirement Security
Dec 19 2023
SSI provides monthly cash benefits to approximately eight million Americans who are elderly or disabled and who have very little or no income....
forbes.com
Does it make sense to cash out my term 70 life ins policy?
Dec 16 2023
I (65f), divorced. My income is Social Security plus some side income from selling crafts. I have a partner of 10 yrs who is quite comfortable in their retirement funds and helps keep our standard of ...
reddit.com
A Moderate-Income Physician’s Approach to Alternative Investments
Dec 11 2023
By Dr. Charles Patterson, WCI Columnist Readers of The White Coat Investor know that the theme and general audience tend to favor a long-term, low-cost, tax-efficient approach to portfolio constructio...
whitecoatinvestor.com
How To Invest 100k For Passive Income
Dec 08 2023
Do you dream of a life where your money works for you, generating a steady stream of income without you ... Read more...
physicianonfire.com
How to Live Off Interest Income
Dec 08 2023
The post How to Live Off Interest Income appeared first on Millennial Money. Wondering how to live off of interest income and enjoy your golden years? For many people, retirement is a far-off, loosely...
millennialmoney.com
Securities Lending — Extra Income or a Mirage?
Dec 06 2023
By Dr. Jim Dahle, WCI Founder There is a lot of discussion out there these days about securities lending income programs being offered by major brokerages. Let's talk about what's going on so you can ...
whitecoatinvestor.com
How to Turn $500K Into Passive Retirement Income
Dec 04 2023
Build a stable retirement income stream by investing $500,000....
money.usnews.com
How to answer the question about income?
Dec 02 2023
I am newly retired in the sense that 2023 will be the first full year of retirement with no job income. I am not sure how to answer what my income is for application forms (credit cards, mortgage, etc...
reddit.com
Retirement calc app - clarification on extra income?
Dec 01 2023
I put my numbers into Calculator.ficalc.app with an annual withdrawal of $50K adjusted for inflation. I then added $30K SS income to start 10 years after retirement. Does the analysis assume that I wi...
reddit.com
How Many Medicaid Recipients Might Be Eligible for SSI?
Nov 30 2023
Abstract Children’s participation in the federal Supplemental Security Income (SSI) program has declined substantially over the past decade. Many children with disabilities might be eligible for...
crr.bc.edu
High vs Low Incomes: How Retirement Outlooks Diverge
Nov 30 2023
Roughly three out of four low-income households might not have enough money to maintain even their modest standard of living after they retire. This sobering finding comes in a refinement by the Cente...
crr.bc.edu
How Do I Refill My Retirement Income Floor?
Nov 29 2023
Have you been wondering what you’re supposed to do when it comes to refilling your retirement income buckets? So has Michael.In this episode, I’ll go into further detail about how to do th...
rogerwhitney.libsyn.com
Need help with Form SSA-44
Nov 28 2023
Hello, I am retiring as of 12/31/2023 and my Medicare Part B application for 2024 has been approved. I have received notice that, based on my high income in 2022, I will have to pay a higher Part B an...
community.aarp.org
Ever have understood why so much money is needed
Nov 22 2023
Greetings. I have seen, for many years, comments like, need 1-2 million to have a 60k income stream etc. Why do people want to be 80 years old and have so much money ? Have enough income to meet your ...
reddit.com
JEPI vs JEPQ
Nov 21 2023
Are you looking to invest in an ETF that generates income while also appreciating? If so, then JEPI and JEPQ ... Read more...
physicianonfire.com
How to Bridge the Gap to Retirement Income: Pension Spitball - 456
Nov 21 2023
Planning to retire early? Joe and Big Al spitball on bridging the gap to your retirement income when there’s a pension in the mix, today on Your Money, Your Wealth® podcast 456. Manley and h...
purefinancial.com
What Is the $1K Per Month in Retirement Rule?
Nov 21 2023
Make quick calculations with this income strategy to withdraw $1,000 each month in retirement....
money.usnews.com
New Mothers Who Get Back to Work Quickly Earn More
Nov 16 2023
Single mothers receive three-fourths of the tax refunds the IRS pays out every year through the Earned Income Tax Credit (EITC) for low-income workers. The EITC’s big plus is that it’s ful...
crr.bc.edu
5 Ways To Have More Tax-Free Income In Retirement
Nov 14 2023
Taxes can be one of the biggest bills facing retirees. Maximizing your tax free retirement income can greatly reduce you odds of running out of money as you age....
forbes.com
2024 Income Tax Brackets And The New Ideal Income
Nov 13 2023
The IRS has introduced new income limits for its seven tax brackets for 2024. Thankfully, the thresholds have all increased by 5.4% to account for inflation. In 2023, the IRS expanded its tax brackets...
financialsamurai.com
How You Are Taxed: Income Taxes Capital Gains& Dividends
Nov 07 2023
Last week, we discussed more on good budgeting practices. This week, we’re going to turn the page to the world of taxes. We are going to walk through a few introductory topics on what most peopl...
thomaskopelman.com
Injured Workers’ Lost Income Adds Up to Thousands
Nov 07 2023
On-the-job injuries, like layoffs, are life-altering events. A worker can lose tens of thousands of dollars in earnings over many years as a result, according to a new RAND study. The researchers used...
crr.bc.edu
Low Earners Need More Retirement Income
Nov 06 2023
Social Security alone is simply not enough, new Vanguard study confirms. People often assume that the retirement needs of low-wage workers are covered by Social Security’s progressive benefit fo...
crr.bc.edu
How Real Estate Debt Can Help Build Alternative, Passive Income In This Market
Nov 04 2023
In today’s ever-evolving real estate landscape, investors are met with a mix of optimism and skepticism. There’s no denying the ... Read more...
physicianonfire.com
AGI (Adjusted Gross Income): The Tax Acronym You Can’t Ignore
Nov 03 2023
There are plenty of acronyms when it comes to your personal finances. You likely have come across HSA, COBRA, COLA, ETF, APR, to name a few. But when thinking about your tax situation for the year, th...
newretirement.com
How To Manage Your Income When You Have A Commission Based Job
Oct 31 2023
In the prior week’s we’ve been talking all about budgeting and managing cash flow. This is difficult enough with a fixed regular income. This week, we’re going to address those of yo...
thomaskopelman.com
40 States Expanded Medicaid. The Benefits are Piling Up
Oct 27 2023
In December, North Carolina will become the 40th state to expand its Medicaid program, providing health insurance coverage to some 300,000 more low-income workers, many of them for the first time. It ...
crr.bc.edu
What Is Discretionary Income?
Oct 25 2023
By Dr. Jim Dahle, WCI Founder The term “discretionary income” gets thrown around all the time. However, it actually has a legal definition that does matter to many white coat investors, es...
whitecoatinvestor.com
Do you actually need 7 streams of income?
Oct 24 2023
“The average millionaire has 7 streams of income.” Let’s face it, we’ve all heard this quote a million times. And, while I believe this is well-intentioned advice, it’s n...
thomaskopelman.com
Income Investing: The Smart Way To Reach Financial Independence
Oct 24 2023
You’ve worked hard for your money, and now you’re ready to flip the script. How would you like your money ... Read more...
physicianonfire.com
Countries That Beat the U.S. in Retirement System Ranking
Oct 22 2023
Netherlands won the top retirement income system while Argentina placed last in the Mercer…...
401kspecialistmag.com
Fixed income and annuities: A safe haven in volatile times
Oct 20 2023
As the market continues to experience volatility, people in or nearing retirement are seeking ways to protect their savings. Fixed income investments and annuities can provide a stable source of incom...
community.aarp.org
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About Income
Retirement income is the money you receive from various sources during your retirement years. It's important to plan for retirement income, because you will no longer be receiving a regular paycheck from employment. There are several sources of retirement income, including:
Social Security: Social Security is a government-provided retirement benefit for workers who have contributed to the program through payroll taxes. The amount you receive from Social Security will depend on your work history and earnings.
Pension: A pension is a regular payment that you receive from an employer or other organization after you retire. Pensions can be defined benefit plans, which pay a fixed amount based on your salary and years of service, or defined contribution plans, which depend on the contributions you and your employer make to the plan and the investment returns earned.
Personal savings and investments: Retirement income can also come from the money you've saved in personal savings accounts, such as a traditional or Roth IRA, or from investments in stocks, bonds, mutual funds, or other securities.
Part-time work: Some people choose to work part-time during their retirement years to supplement their other sources of income.
It's important to consider all of these sources when planning for retirement and to consider factors such as inflation, which can erode the purchasing power of your retirement income over time. A financial advisor or planner can help you create a retirement plan that takes into account your specific needs and goals.
