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Financial Planning / Foolish 401(k)s


Subject:  Tax brackets Date:  1/17/1999  10:55 AM
Author:  mjfowler Number:  637 of 26351

I'm interested in starting my 401(k) retirement planning. I'd like to make it as pain-free as possible, since my income is limited.

Since I won't be taxed on the money deferred for this plan, I'm wondering what the tax brackets are [that is, the rate at which my income is taxed].

I earn $35,000 yearly. I'm trying to determine if I can contribute enough $$$ to bring myself to a lower tax bracket, so that the tax difference will help make up for the loss of spendable income.

Does anyone have a table of income/tax rates, or suggestions for middle income retirement savings plans?

Much thanks in advance...

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