Find out, on the DRS podcast
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Are pension benefits taxed?
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If you?re over age 50, you might be starting to crunch the numbers on how much you can expect to receive in retirement after taxes.??
A common question we get is whether pension benefits are taxed. The short answer is: ?yes, they are,? but* there are a lot fewer deductions taken out once you retire*.
What many retirees are often trying to understand is how their ?gross wages? will compare to their ?net wages.??
This can be a confusing subject when you're actively working, but here's the easiest way to think about it:?
*In retirement, you're no longer paying into programs like Medicare and FICA*. This could result in you seeing more money than you might think.
In a recent podcast episode, we explore how fewer deductions in retirement could increase your retirement benefit. Find out what you should consider in your planning process.?
*Listen now or read the transcript [ [link removed] ].*
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Our short podcast episodes are designed to fit in with your busy schedule. Get the info you need to make the most of your pension.??
Be sure to check out recent podcast episodes including:?
*Ep 29 - Women and retirement [ [link removed] ]*
When it comes to preparing for retirement, women often face different challenges than men. Women tend to live longer but typically earn 21% less, often with fewer years of work due to caring for a child or elderly parent. Our guest is Catherine, a DRS team member who gives some insight on how women can be better prepared both financially and socially. ?
*Ep 32 - How interruptive military service can add to your retirement credit [ [link removed] ]*
New legislation allows some employees to earn retirement service credit if their employment was interrupted by service in the US Military. Find out how this can increase your retirement benefit and why you shouldn't wait more than five years to report it.
*See the full list of episodes* [ [link removed] ]
"Fund Your Future with DRS" is now on Pandora [ [link removed] ]!
Listen on your favorite podcast platform. We're on Apple Podcasts [ [link removed] ], Google Podcasts [ [link removed] ], iHeart Radio, [ [link removed] ]?Spotify [ [link removed] ]?and Podbean [ [link removed] ].
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See all?DRS news [ [link removed] ] at drs.wa.gov/news [ [link removed] ]
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