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4 Tax Traps in Retirement
Mandatory Withdrawal from 401k/IRA/403B
- IRS required withdrawals (RMD)
- Based on age and account balance
- Often causes higher taxes than preretirement
- Up to 37% in income tax
Unexpected Social Security Tax
- Change in social security tax as a result of mandatory withdrawals
- Up to 85% of your social security is taxable
Higher Medicare Premiums
- Change in medicare premiums as a result of mandatory withdrawals
- Up to $510 per month for Medicare Part B coverage
Elevated Capital Gains Tax
- Change in capital gains tax as a result of mandatory withdrawals
- Up to 20% for long-term capital gains tax + 3.8% net investment income tax
