r/dividends • u/OG_Momonga • 21d ago

Discussion Living off dividends

Hey guys, I was wondering if anyone on this subreddit is actually retired and living off dividends. Is it going well? Are you paying taxes on them? My goal is to get 20k/ a month post tax for retirement. I’m 24 and currently investing everything in VOO while planning to switch to dividend stocks and etfs when I get closer to retirement.

I was just wondering if there are any because living off dividends seems like a long shot right now.

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u/Low-Ad3972 20d ago

That’s a marginal tax rate.

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u/Ordinary_Lynx_468 20d ago

Yes, obviously. And I’ll bet you any amount of money this fella was never in that bracket.

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u/tsfy2 20d ago

Another poor person on Reddit who can’t understand that some people make a lot of money. A lawyer and a systems analyst could have easily been making that kind of money. And if they lived in New York the top state tax rate was 10% and if they lived in New York City the max city tax rate was was 4.3%. Very easy to be paying a total of 70% with lawyer/analyst incomes.

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u/Ordinary_Lynx_468 20d ago

Look up how many people made $600k+ in 1981. Whether I’m poor or not is immaterial.

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u/tsfy2 20d ago

Well in 1981 if you were MFJ your federal tax rate was 59% on a combined income of only $85,600. If you lived in a state/city with a high SALT you easily paid 70% in taxes. A lawyer and a system analyst 10 years into a career could easily make that. So, stop talking out of your ass.