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The Ticking Retirement Time Bomb: What State Governments Can - ebri

The Ticking Retirement Time Bomb: What State Governments Can - ebri 2025

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The document discusses the impending retirement income crisis facing many public- and private-sector workers, particularly regarding their ability to afford basic living standards in retirement amidst rising healthcare costs. It highlights concerns from state officials about increasing poverty among seniors and the potential financial burden on state Medicaid systems. The article outlines various strategies for state governments to address these issues, including creating benefit programs for employees, encouraging savings and long-term care insurance, enhancing financial literacy, and advocating for federal support. The discussions emphasize the need for proactive measures to ensure adequate retirement income and manage long-term care expenses.

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How to avoid RMD tax bomb?

For those still working and saving, shifting a portion of contributions from Pre-Tax to Roth is a surefire way to reduce the impact of future RMDs. Roth contributions do not reduce your current income, but withdrawals after age 59 are tax-free.

Is there a better time of year to retire for tax purposes?

For example, retiring early in the year may help to keep your tax rate low, while retiring later in the year can boost your savings and the Social Security benefits you earn.

What is the pension time bomb?

The pensions crisis or pensions timebomb is the predicted difficulty in paying for corporate or government employment retirement pensions in various countries, due to a difference between pension obligations and the resources set aside to fund them.

What is the retirement tax bomb?

If you only (or mostly) contribute to Traditional IRA and 401(k) accounts in your working years, you may be creating a tax bomb for your retirement, as you will eventually have to pay income taxes on withdrawals from these accounts, either when you need the funds for spending or when the government requires you to

What is the retirement tax time bomb?

An often-overlooked aspect of retirement is that as your retirement account has grown, so has your tax liability. When it comes time to use those retirement funds, the income tax youve put off through contributions and tax-deferred earnings will eventually come due. This is called the retirement tax timebomb.

What is the tax torpedo for retirees?

What Is the Tax Torpedo? The tax torpedo is the sharp rise and then sharp fall in middle-income house- holds marginal tax rates as their income rises. The tax torpedo is caused by the taxation of Social Security benefits. A marginal tax rate is the additional taxes paid on each additional dollar of income.

The Ticking Retirement Time Bomb: What State Governments Can - ebri 2025

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