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.
2 thoughts on “10 Retirement Expenses You Don’t Have To Worry About”
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.