The bigger danger is that as a means of keeping Social Security solvent they start means-adjusting it;....They sort of do, now. Last year I had SS, my pension and interest to pay taxes on. This year I have those three to pay on PLUS what I withdrew from an IRA (to go fishing in Hawaii, great time). I got the same amount of money in my pension, about the same in interest and a tad more in SS for 2014, but my taxable for SS went from $7000 T0 13,000. I don’t mind paying the taxes for the IRA, but why hike the level of taxes on SS? Off hand means testing?
That’s right; whole segments of our population will never have to pay that tax.
I believe IRAs are also held against parents of college applicants as well.
Seems like they don’t think commoners should go to Hawaii.