In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the important tax numbers for 2024. Tax rate numbers for 2024 are out, and it’s important to understand them to make the necessary adjustments and know how your income will be affected.
Listen in to learn how the progressive tax system works and the importance of understanding your marginal and average tax rates. You will also learn about the 2026 tax rates sunset, long-term capital gains tax rates, standard deductions, and much more.
In this episode, find out:
- The tax rates for 2024 and the ranges for both single and married filing jointly.
- How the progressive tax system works and the importance of understanding your marginal and average tax rates.
- Understanding long-term capital gains and why it’s taxed differently from your income.
- The 2026 tax rates sunset – a tax law that will expire unless we have some significant political changes.
- It is understanding standard deductions and some additional deductions for both single and married filing jointly.
- Understanding the Social Security tax for 2024 and things to keep in mind about social security tax.
- Medicare premium part B and IRMAA and how you can be affected by additional surcharges.
- How the 401k, traditional IRAs, and Roth IRAs contribution numbers have changed for 2024.
- The Health Savings Account (HSA) tax numbers from an individual plan perspective and family plan for 2024.
Tweetable Quotes:
- “In general, your social security can be zero percent taxable, fifty percent taxable, or up to eighty-five percent taxable.”- Murs Tariq
- “If you make more than one hundred and sixty-one thousand as a single person or more than two hundred and forty thousand married filing jointly, you cannot put money into a Roth account.”- Radon Stancil
Resources:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.
