Dumb question on withdrawals on a retirement fund once you retired.

[CTrain]

Is it just normal income tax on the amount that you are withdrawing ??

I was having a dicussion with a friend of mine.
He say retired people(lets just say the normal 65 yr old) get taxed differently.
I say you get taxed the same way the normal working class people get taxed.

Like if you were withdrawing $50K a year, you will have to pay the same amount of taxes as someone making $50K a year..

And I am not talking about ROTH.

 

[FoBoT]

yes

for tax deffered savings, like 401(k) , you pay the tax when you withdraw

so if you make $0 from working (retired) and you withdraw $50K (income) then you pay tax on $50K

plus any other things like interest income on savings accounts, etc, just like when you were working

 

[CTrain]

Originally posted by: FoBoT
yes

for tax deffered savings, like 401(k) , you pay the tax when you withdraw

so if you make $0 from working (retired) and you withdraw $50K (income) then you pay tax on $50K

plus any other things like interest income on savings accounts, etc, just like when you were working

Thanx.

Now a follow up question would be do you have to pay the other taxes like Social Security and Medicare ??
If you don't, at what age do you stop paying those taxes ??