looking at early retirement...with the least tax bite...waiting to see where the dust settles on obamacare.how much revenue can i generate before i start paying federal taxes? i am a single male, no dependents other than myself. i am 57. any tips or advice?
looking at early retirement...with the least tax bite...waiting to see where the dust settles on obamacare.There is no dust to settle. It's the law, and they start writing policies through the Federal exchange October 1 of this year.how much revenue can i generate before i start paying federal taxes? i am a single male, no dependents other than myself. i am 57.By revenue I assume you mean cash, and that question can't be answered without your fleshing out what it is you plan to live on. IOW, the sources of these funds matter.PhilRule Your Retirement Home Fool
some revenue will come from a profit sharing plan which i will have to roll over to an ira when i leave. some could be from dividends depending on how i structure my cash. i also have a roth but have no plans to touch that for some time. i also rent out my upstairs apartment.i think between 2000-2500 per month should do it. i'll be 58 in december. none will come from wages unless i get bored or need some short term cash. i live in a small town and less than $1000.00 pays everything but food, spending money, and insurance. the great state of indiana is still wrestling with what to do with obamacare. i just want to know what it will cost me so i can determine my exit point from 34 years working on the factory floor and working the graveyard shift.
RANT & RECOMMENDATION:The title of this thread is "Question." That is not the best description for this, or any other topic, since it doesn't describe the topic.By unhappy coincidence, it is also the "topic" on about 1/2 the emails I get this time of year. And the other 1/2 are mostly called "tax question."And it's bad enough if it comes from the client that way.When it comes from the managing partner, or one of the other accountants, then it's called "FW: tax question", and I don't know who the client is. OK, the rest of you can go back and enjoy your federal holiday, while we try to figure out how you're going to pay for it.Bill
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