7 New Taxes U.S. Retirees Will Face Starting 2018

Right now, the entire America is in a bit of fog regarding how the new Trump-approved tax laws will impact their financial lives – and not only. While every U.S. citizen is subject to those changes, retirees are about to face some extra changes they should be aware of as soon as possible. April 2018 is coming up, so we should all be informed and stay aware of how we can make our lives better!

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11 thoughts on “7 New Taxes U.S. Retirees Will Face Starting 2018”

  1. 1. WHAT IS THE LONG TERM FEDERAL CAPITAL TAX GAIN RATE FOR LAND SOLD IN 2017?

    2. WHAT IS THE MASSACHSETTS RATE FOR THE SAME THING?

  2. Hello I’m thinking of retiring September 2018 I’ll be 65 in August !
    I have several retirement accounts the largest being a corporate account which the company has been contributing to since I started working there.
    I also have a for 401K about 25,000 minus a lone and an IRA right now at about 14,000 .
    The corporate retiremant pension is worth about 350,000
    What I want to do is take the lump sum and roll it over into another retirement account and work out payments for the year or monthly whichever is the most advantaged !
    Of course I have Social Security probably around 1400 a month at that retirement date.
    I do need help in the best strategy to save me tax money and not make any mistakes so I can have a long-term retirement without the depleting of my funds of course mainly my corporate retirement .
    I do you plan to make money after retirement speculation on amounts etc.
    If I take a lump sum I can control the amount of money I take out maybe help not pay as much taxes like to $34,000 benchmark a year .
    Please get back to me: retirement is coming soon if I do it this year .
    Much appreciated with the advice and information: waiting to hear back from you.

    1. Right, not many on SS make more than 24k or 34k (per the formula); only those who started with high salaries when working i.e. 60-70 plus, same people who probably have high investment income as well, and in a higher bracket anyway. And the distribution stuff doesn’t look like a real change, only maybe the higher penalties for failure to take when due.

  3. Why does the politicians always Shaft the ss retirees EXAMPLE SS COST OF LIVING BOTOM LINE INCREASE $4.69 MONTH.CUT CONGRESS SENATE SALARY ALWAYS OUT TO LUNCH.MILITARY VETERANS SHAFT JOB THEY HAVE MONEY FOR ILLIGIALS ALLIENSGOD BLES AMERICA

  4. I Can see something coming here,There will be hell to pay in this country.Too Many hands in the till! Us old timers will help you solve your problems,Using Our $$$ for your Salary.

  5. Turning 70 in march. My question is How much am I required to withdraw from my retirement savings? Who determines the amount?

    1. Good question, wondering same myself. Probably a minimum % required. I’d suggest seeing a tax adviser or one of those attorneys who specialize in estate planning. I intend to see the latter in spring and get it all straight, as some of this doesn’t make sense. I think it’d be worth the $$ to see one. It might pay for itself in long run.

    2. Hi John…Im turning 71 in March !!!
      Last year my bank notified me of the amount and the date in which I had to take out money. The Feds have a formula to figure it out and the banks use that.

      You could call your bank for the amount or google it.
      Happy Birthday…Elaine

  6. I think its time for congress to get their incomes taxed higher than the rest of us as they have more benefits than anyone else in the country. A good place to start would be on their health care. Social Security should not be taxed at all. What is going on in this country. Congress wants to take from the elderly give to the lazy and illegal immigrants.

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