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In reply to the discussion: Do you support Democrats' plan to ELIMINATE taxes on Social Security benefits? [View all]Aussie105
(5,503 posts)Golly!
My current annual retirement income is around $50K AU dollars, from both government largesse and superannuation (Australian compulsory retirement scheme everyone contributes to while working) and I could step my income up to much higher if I wanted.
Haven't needed to fill out a tax form or pay tax since retiring. Bliss!
Taxes were paid during my working life and the compulsory contributions.
Why double dip on the tax thing?
DISCLAIMER: I'm not in America.
EDIT: I worked as a classroom teacher for 40 years, wife hasn't worked in the last 30.
So not a massive income while working.
Our current combined income exceeds our day to day needs, I'm slowly stashing money into term deposits at 5% interest for when a big bill needs paying. Like paying cash for a new car, but the current ones will probably outlive me.