The Retiree Tax Quiz

Retiree Tax Quiz

1. When you retire, your tax rate is likely to be lower than it was when you were working. (Think about that for a moment.)

2. Social Security benefits are tax-free. True or False*

3. Withdrawals from which of the following retirement plans are tax-free once you retire:*

4. There’s a good chance that some (or all) of the income you receive from any pension or annuity you own is taxable. True or False*

5. Required minimum distributions (RMDs) – which are taxed as ordinary income – kick in at age 72 for holders of traditional IRAs and 401(k)s. And the percentage that the IRS requires you to withdraw each year goes up as you get older. True or False*

6. All of the following statements about RMDs are true except:*

7. While you can’t escape RMDs there are ways to minimize your tax burden. Which strategy below can be helpful for some retirees concerned about their tax bills?*

8. If your spouse dies and you get a big life insurance payout, you’d better be prepared for a sizable tax bill. True or False

9. How valuable must an individual’s estate be at death to be hit by federal state taxes in 2020?*

10. If you’re over 65, you can take higher standard deduction than other folks are allowed. True or False*

If you would like to know more about taking further steps towards your retirement, please contact us today to schedule your free consultation appointment, call us at 419-636-4001 or 260-319-4969.​

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