Budgeting in Retirement

More in Budgeting in Retirement

Do Senior Citizens Pay Income Tax on Pensions?

While retirement is supposed to be your golden years, don’t tell that to the tax man. The Internal Revenue Service doesn’t let you hang up your tax obligations when you stop working, and in some cases, your tax situation becomes more confusing when you start drawing a pension ...

Pension Survivors Benefits Effect on Social Security Benefits

Social Security survivors benefits are designed to lessen the impact on a family when a breadwinner dies. Some retirement and pension plans also offer survivors benefits for the same reason. Survivors benefits under a pension plan do not affect the benefit you receive under ...

How Does a Joint and Survivor Annuity Work?

An annuity provides a regular monthly payment for retirees, usually for life. Buy an annuity from a life insurance company. To provide for a spouse, consider a joint and survivor annuity, which pays out until the second person dies. You have flexibility on the amount of the ...

Are Military Retirements Exempt from Taxes?

Under most circumstances, military retirees are responsible for paying federal income tax. The IRS taxes military retirement pay as a pension. Since military pay is taxed as a pension, the IRS can tax all or part of your monthly retirement pay. If your military pay includes ...

What Payroll Deductions Are There From a Retirement Check?

During your working life, you are accustomed to payroll deductions being taken from your paycheck, and how that affects the amount that you actually have available to spend. With a retirement check, this may be different. Most pension and retirement benefits are subject to ...

Deducting Moving Expenses After Retirement

When you are employed and move to a new location to start a new job, the IRS may allow you to deduct expenses related to your move if you meet certain conditions. This particular tax rule is of no help to people who move after retirement since they are no longer working. ...

Retirement Pay Garnishment

Garnishment is a legal tool available to creditors to satisfy a judgment against a debtor. A portion of the debtor's income is taken until the judgment is completely repaid. Garnishment procedures are governed by both state and federal laws. These laws include restrictions on ...

What Are the Average Medical Expenses for Retired Individuals?

Brace yourself: Your medical care over the course of your retirement will cost you and your spouse about $220,000. So says Fidelity Investments, which published the widely reported figure in 2013. Average medical costs over your last few decades, however, are very hard to ...

What Is a Straight Life Retirement Annuity?

When it comes time to retire, your pension plan choices may include a variety of annuity options. The straight life annuity choice will probably grab your attention because it provides the highest monthly income. Yet there are reasons why your company offers those other annuity ...

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