For population 25 years and over in Kite: 1  High school or higher: 63.8%. 2  Bachelor's degree or higher: 3.0%. 3  Graduate or professional degree: 2.0%. 4  Mean travel time to work (commute): 30.5 minutes.
If the annuity is in a Roth IRA, all of the withdrawals will be tax-free as long as youâve had the Roth for five years and are older than 59Â½. Taxes are just one issue to consider when deciding whether or not to convert your annuity into a income stream, however.
When you work for wages, a total of 7.65% of those wages are paid into your Social Security and Medicare account; your employer matches that amount. But unlike an IRA or other retirement vehicle, these are not pre-tax dollars. You must pay income taxes on the funds that are set aside in your Social Security Trust fund for your retirement years. With other retirement plans, you defer the income taxes, and contributions to retirement plans are not included in taxable wages on your W2.