With your house paid off and your kids no longer living under that same roof, you are limited in the deductions you can take from your income in retirement. It’s important to understand how your retirement income is taxed in the state you live in so you can make your retirement savings go farther.
In Wisconsin, there is no federal income tax deduction. However, if you have Social Security income, Railroad benefits, and/or military retirement income, then you are exempt from paying state taxes on that income. All out of state government pensions are fully taxed.
We recommend you consult your financial advisor or tax professional in Wisconsin with any specific questions on how your retirement income is taxed. If you don’t have one, we would be happy to recommend one in your local area. Give us a call at Annuity Think Tank at (888) 282-3653 or email us at firstname.lastname@example.org. We would welcome the opportunity to speak with you!