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I've been figuring my pension amount; that's easy -- it'll be between $2200-2300/month. But how much of it will I get to keep?

I see that federal taxes are 15% on $18,651 - $75,900 ... and even with some investment income, we'll be under $75,900.

And I see that NC taxes are 7% on $12,751 and $60,000.

So I'm looking at 22% of my pension going to taxes. That's outrageous.

Do I understand correctly that you do not pay Social Security on pension payments?

I'm currently paying over $600/month for insurance for my family. The state covers MY basic insurance cost, right? My last kid'll be out and on her own. How much can I expect to pay for my husband's insurance in retirement?
jessieva Almost There, Congratulations on being almost there! I do pay state and federal taxes out of my pension check, but not my Social Security check.

I voluntarily pay 15% of my Social Security check toward federal taxes because I do not want to pay at the end of the year one lump sum. I started collecting SS at age 62.

I am too you...See More
Jun 28
jessieva Almost There, Congratulations on being almost there! I do pay state and federal taxes out of my pension check, but not my Social Security check.

I voluntarily pay 15% of my Social Security check toward federal taxes because I do not want to pay at the end of the year one lump sum. I started collecting SS at age 62.

I am too you...See More
Jun 28


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