What they’re not telling us about our retirement savings paid Impact_Partner
Americans are facing a crisis in retirement. According to a survey by GoBankingRates, 42% of Americans havesaved for retirement. For those who are more fortunate and have accumulated six figures or more in retirement savings, there is another issue that is often not discussed with their current advisors: It is not how much your statement says, it’s how much of that money is actually yours and how long it will last.
Another fallacy we tend to believe is that our tax brackets will go down in retirement, but that is simply not factual. Under our current administration, the actual tax brackets were lowered with the 2017 Tax Cuts and Jobs Act. We now have the following tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%, and for those of us who own businesses, the corporate tax rate was 35% .
Here is what I mean: If you and your spouse make more than $44,000 as a married couple filing jointly,
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