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A Spike in Income during Retirement May Cause a Big Tax Surprise Thumbnail

A Spike in Income during Retirement May Cause a Big Tax Surprise

As your income increases your tax rate increases. In addition to increases in your tax rate, retirees incur three additional taxes/expenses when they reach certain income thresholds. These include taxation on a larger portion of your Social Security benefit, the 3.8 percent Medicare surtax on net investment income and an increase in Medicare premiums.

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