I'm not exactly close to retirement yet, but on the other hand, dh and I are really beginning our planning in earnest.
We are in the very fortunate position of having 2 pensions. In trying to figure out budgets and what is the actual amount we'll take home , I'm trying to learn what is taken out of pension payments.
Of course, right now, in addition to state and federal taxes, there is money taken out for social security, Medicare, etc.
Is anything taken out of pension checks? Do you still pay all those things?
Thanks.
We are in the very fortunate position of having 2 pensions. In trying to figure out budgets and what is the actual amount we'll take home , I'm trying to learn what is taken out of pension payments.
Of course, right now, in addition to state and federal taxes, there is money taken out for social security, Medicare, etc.
Is anything taken out of pension checks? Do you still pay all those things?
Thanks.