Ask an Advisor: Should I Use My Retirement Savings to Pay Off My $80K Mortgage?

(A financial advisor can help you evaluate your tax situation and optimize your retirement plan for federal and state taxes.)On the other hand, if your taxable income is $200,000, you are in the 32% bracket. Another way to think about this that you'll owe 32 cents in federal tax on the next dollar added to your income.For example, let's assume that you're single and have$ 55,000 of taxable income. For 2025 that would put you in the 22% federal tax bracket. You'll owe 22% on the next dollar added, all the wa ...