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What Is The Tax Rate On 401K After 65?

There isn't a single, fixed tax rate on 401k withdrawals after age 65. Instead, these distributions are taxed as ordinary income, just like wages, placing them into your marginal income tax bracket for that year. Your specific tax rate depends on your total taxable income, encompassing 401k distributions, potentially taxable Social Security benefits, pensions, and other investments. After age 73, Required Minimum Distributions (RMDs) from traditional 401ks further increase your taxable income. Crucially, qualified withdrawals from a Roth 401k, funded with after-tax dollars, are entirely tax-free, unlike traditional 401ks. State income taxes may also apply, varying by location. Understanding your overall retirement income strategy and consulting a financial advisor is essential to estimate your effective tax rate.

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