October 2021
Beginner
352 pages
8h 40m
English
Content preview from 401(k)s & IRAs For Dummies
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Chapter 2
Taxing Issues
IN THIS CHAPTER
Understanding why you get tax breaks
Getting a handle on tax terms
Taking credit when you can
Scoping Social Security issues
Paying taxes before and after you retire
Being prepared for changes in the tax code
It’s up to you — no one else — to plan for a successful retirement. Government policy makers want you to have the resources to retire successfully so that you don’t become a burden to society. With that goal, the government gives you and your employer tax incentives to encourage you to save and your employer to offer retirement plans to make saving easy.
This chapter talks about the whys and hows of taxes as they relate to retirement accounts.
Realizing the Reasons for Tax Breaks
I hope it’s not news to you that Social Security was never intended to provide an adequate level of retirement income. The additional amount you need to retire ...
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