Their investment portfolios are designed to provide them with enough income to live off of, or at very least, supplement other forms of retirement income such as pensions. (tsinetwork.ca)
It also provides seniors a deduction of $ 12,000 per year against all other forms of retirement income. (smartasset.com)
Most forms of retirement income are taxable at ordinary income rates, though Social Security benefits are exempt for joint filers with an adjusted gross income of $ 58,000 or less or $ 43,000 for single filers. (kiplinger.com)