5. Payroll taxes
A paycheck may sound lovely, but it’s often less appealing than it seems on the surface.
FICA taxes, also known as “payroll taxes”, automatically deduct 6.2% of an employees’ wage for Social Security contributions and 1.45% for Medicare. That means 7.65% of your salary goes to the systems that fund and provide those future retirement benefits.
If you’re self-employed, the situation is considerably more difficult. Instead of having payroll taxes shared between employer and employee — 7.65% paid by your company, 7.65% paid by you — the full 15.3% is your whole responsibility.
Fortunately, once you retire, you’re no longer required to deal with payroll taxes so you can remove them from your retirement expenses list.
With the foo\ssil Biden in the white house you would be a fool to drink the koolaid and believe that any left coast city is a good place to retire. The only sane place to retire is florida under the competent leadership of ron desantis
none of these were new or useful as i have learned to live with retirement and how to save on most every thing.