I love this from a Facebook post.
How can anyone save and plan for retirement and not know all of this?
I don’t doubt it happens, but there is no excuse…none. A minimal effort is required. But too many people simply do not pay attention, do not focus, don’t ask questions.
Needless to say, they aren’t all retirement taxes.
QUINNSCOMMENTARY 
| How can anyone save and plan for retirement and not know all of this? |
I agree 100% with your statement above. I don’t consider myself to be a financial wizard, but I do try to pay attention, and to read and learn from multiple sources (including Humble Dollar) – so none of these “taxes” was a surprise to me. Smith Smallwood
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Well, not all these tax situations occurred at the same time. Social Security tax didn’t begin until 1984 and IRMAA in 2007 tax years and didn’t affect a lot of people initially. Today both are commonly known but not back then. I retired in 2006, I vaguely was aware of SS taxation but IRMAA wasn’t a thing yet. I was aware of RMDs and cap gains and knew state tax had some rules. I knew single people got about half the deductions at tax time but wasn’t aware of exactly what since I figured we cross that bridge when we come to it.
Summing it all up unless you work in tax preparation or in HR doing employee retirement presentations, you don’t have a good handle on this and certainly when things don’t crop up until the year after you retire, you don’t know. As with me and IRMAA.
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