Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Regional Vice President of Sales The Retirement Plan Company
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Compass
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Bates & Company, Inc.
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AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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How Much Will Retirees Owe in Taxes on Their Retirement Income?
Center for Retirement Research at Boston College Dec. 7, 2020 "[E]stimates show that households in the aggregate will have to pay about 6 percent of their income in federal and state income taxes. But this liability rests primarily with the top quintile of the income distribution. For the lowest four quintiles, taxes are negligible -- ranging from 0 percent to 1.9 percent. In contrast, the average liability is 3 percent for the top quintile, 16.4 percent for the top 5 percent, and 22.7 percent for the top 1 percent." |
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