“Retirement income is normally taxed as ordinary income at the federal level, just like when you are working and receiving a W-2,” says Rob Burnette, CEO, financial advisor and professional tax preparer at Outlook Financial Center.
“Social Security recipients are going to lose a portion of their increase to taxes, and some will be paying taxes on their benefits for the first time,” says Rob Burnette, CEO and financial advisor at Outlook Financial Center in Troy, Ohio.
Start by making a spreadsheet so you know what it takes to run your household on a monthly basis. Your list should include all expenses you may incur such as rent, food, insurance, utilities, car payments, charity, student loans, vacations, said Lori Gross, financial advisor at Outlook Financial Center in Troy, Ohio.
When you receive the annual “notice of change” for your plan in the mail in the fall, you should pay attention, says Lori Gross, lead financial advisor at Outlook Financial Center.
Lori Gross is the lead investment advisor at Outlook Financial Center in Troy, OH. She is licensed to offer investment advice and insurance products. Lori is also a Medicare advisor, helping seniors understand the complexities of Medicare insurance in an easy-to-understand educational setting. Lori is an ambassador for the Troy Area Chamber of Commerce as well as an active member, board member, and President of the Kiwanis Club of Troy.
“In other words, sell Pepsi and buy Coke,” said Rob Burnette, CEO at Outlook Financial Center, in Troy, Ohio.