Retirement

Question for the older members.

How much tax is taken out of your Social Security check each month?
Your pension?
Your 401k?

I don't need the dollar amount, just the on average percentage.
Ball park guesstaments are fine.
Thinking about retiring (I'll be 62 in march) and just trying to get some idea of what I will have to live on.

I tried looking around on the net, but all I could find was info on taxable income if I continue to WORK [-X
The only work I plan on doing is the HONEYDO list and fishing/hunting.

Thanks for any help.
Doug

Don't have any answers but I would think maybe contact your company that manages your 401k and maybe the social security web-site would have info or a contact number that could help you. Possibly an accountant or one of the tax services(H&R Block or Padgett). I'm leaving my job on April 10th after 36 years and 7 months. Mainly because the new contract we just passed makes it a no-brainer for me. I'll only be 55 but I'm going to work part-time for a while until the wife decides to retire approx. 4 years from now.

No easy, simple answer. Depends on your filing status, adjusted gross incomes, ages, how you move your money around, etc. Consult a tax pro to limit your risks and liabiiities. Don't take a chance. I'm a firm believer in paying my fair share....but no more.

Oh, and buying a boat, motor, and trailer doesn't help.....but it sure is fun! I feel like I did 30 years ago!

Here's a good place to get started. Offers solid, easy to understand information and a link to a worksheet for you to figure out your particular situation.

https://taxes.about.com/od/income/qt/Social_Security.htm