The Government Takes Money Out of Your Pockets in So Many Different Ways

Pennygem

People spend decades building a nest egg only to find out that Uncle Sam and government agencies often grab their share from retirees’ wallets. PennyGem’s Johana Restrepo has more.

Transcript

00:00people spend decades building a nest egg only to find out that uncle sam and government agencies

00:09have to grab their share according to money talks news if you have enough retirement income up to

00:1685 percent of your social security can be taxed higher income beneficiaries pay medicare premiums

00:22based on their modified adjusted gross income retirees premiums can skyrocket if they bring

00:29in too much money this isn't just reserved for the rich your income could climb to a point where

00:35you'll see higher premiums if you take required minimum distributions from a traditional IRA or

00:41401k many people don't realize that the longer you live the more burdensome these required withdrawals

00:48become according to the balance distribution periods decrease with age which makes required

00:55minimum distributions increase with age when coupled with high account balances

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