How are tariffs and your 401(k) retirement savings intertwined?
Experts say a rise in tariffs can lead to several factors that impact your retirement savings.
Wisconsin’s tax code is changing to benefit retirees.
Residents 67 and older can now subtract up to $24,000 in retirement income, such as 401(k) withdrawals and investment earnings. For married couples, it’s $48,000.
In many cases, retirees won’t pay state income taxes at all, making Wisconsin look more like Florida. However, the burden could shift to younger people over time, tax experts told us.
You can read a breakdown of the change here, including how many people are expected to benefit and the average tax cut.
Did you move to another state when you retired, partly because of taxes? Are you nearing retirement and factoring in this new policy? Or are you in a younger age demographic and have concerns?
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