U.S. tax rates make up an unpredictable element that has fluctuated greatly throughout time. The top tax rate during World War II was 94%. From the 1950s through 1970s, top tax rates ranged from 92% to about 70%. Fast-forward to today, the current top tax rate is 39.6%. Today’s rates are relatively low compared to those in the 1930s through 1980s, yet federal spending and the U.S. debt continue to rise at an alarming pace.
It’s safe to assume that Uncle Sam will not be able to sustain these historically low rates. Even if rates do not increase in the near future, a large portion of your retirement paycheck is still going towards taxes. What can you do now to optimize your retirement income?
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