Background:
Per my final divorce decree in 1989, I've been paying $7,200/yr. in Alimony to my ex-wife. Child support has been paid without any arrears and ceased 3 yrs ago when our youngest child turned 18. I voluntarily am paying for her college education.
At the time of divorce in 1989 we earned wages of:
She = $0 I = $38K Difference = $38K
I just retired Jan. 2nd, 2003 - our estimated incomes for 2003:
She = $34K I = $42K Pension-(No Wages) Difference = $ 8K
She gets none of my Fed. pension since we agreed to increase her property settlement in the final decree.
What steps may I take to reduce or STOP this 17% drain on my income? I remarried in 1998 and my wife's taxable W-2 is $14K (after her $12K contribution to her 401k).
Hoping for some relief!
Per my final divorce decree in 1989, I've been paying $7,200/yr. in Alimony to my ex-wife. Child support has been paid without any arrears and ceased 3 yrs ago when our youngest child turned 18. I voluntarily am paying for her college education.
At the time of divorce in 1989 we earned wages of:
She = $0 I = $38K Difference = $38K
I just retired Jan. 2nd, 2003 - our estimated incomes for 2003:
She = $34K I = $42K Pension-(No Wages) Difference = $ 8K
She gets none of my Fed. pension since we agreed to increase her property settlement in the final decree.
What steps may I take to reduce or STOP this 17% drain on my income? I remarried in 1998 and my wife's taxable W-2 is $14K (after her $12K contribution to her 401k).
Hoping for some relief!