Many people dream of early retirement, but there’s no technical definition. 51% of Americans retire at age 61 or earlier, while 23% retire between ages 62 and 64. Keep potential hiccups in mind to work around them.
The IRS adjusts tax bracket and standard deduction annually, with inflation. High inflation rates led to a 7.1% increase in the federal tax bracket to protect taxpayers from bracket creep. Bracket creep occurs when certain taxpayers are pushed into a higher income bracket but still have the same purchasing power.
Taxpayers need protection from inflation to avoid paying more taxes. Lower to moderate-income families may benefit from a 10% increase in taxes.
Taxpayers should file accurate and electronic taxes for a 21-day refund. Some may need additional review due to errors, theft, or fraud. Deadline is April 15, 2024. Seek expert help.
