Retirement income can be subject to taxes depending on the specific type of retirement account or benefit you receive and your tax bracket. Here are a few examples of common types of retirement income and how they may be taxed:
1. Social Security benefits: Social Security benefits are generally taxable if you have other substantial income in addition to your benefits. The amount of tax you pay on your benefits depends on your taxable income and tax filing status.
2. Traditional Individual Retirement Account (IRA) and 401(k) withdrawals: Withdrawals from traditional IRAs and 401(k)s are generally taxed as ordinary income at your current tax rate.
3. Roth IRA withdrawals: Withdrawals from Roth IRAs are generally tax-free if you are over the age of 59 1/2 and you have held the account for at least five years.
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The Billionaire tax retirement security fight is about Medi-Cal, Medicaid spend-down, and who pays when middle-class families need long-term care.
You can hit your number, be fully financially ready, hand in your notice, and still end up miserable. Or worse, running out of money. In 15 years as a retirement advisor, I've watched it happen again ...
Relocating to a tax-free state like Florida or Texas seems like a good idea, but unexpected expenses add up fast. Here is how to ensure your retirement move doesn't break the bank.
Worried about rising rates? Here’s how to avoid a bigger bill after you stop working.
At face-value, HSAs are for short-term medical expenses, but advisors suggest paying out of pocket to maximize HSA funds for investing and tax-free growth.
See average IRA balances by age for 2026, based on IRS tax data covering 71 million account holders, plus what the averages leave out. The post Average IRA Balance by Age in 2026: How Do You Compare? ...
Beyond the free $1,000, funding a Trump Account can leave your child with less post-tax than a brokerage account, unless you get the Roth conversion right. The post A Trump Account Can Leave Your Kid ...
If you have a high net worth, you need the kind of estate planning that navigates complex tax landscapes to ensure you pass on the maximum amount of wealth.
At face-value, HSAs are for short-term medical expenses, but advisors suggest paying out of pocket to maximize HSA funds for investing and tax-free growth.
This week Roger talks about one of the biggest challenges retirees face today: information overload. He explains why more information doesn't always lead to better decisions and why building a great r...
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/YMYWassessC The margin loan debate continues today on Your Money, Your Wealth® podcast number 589. Jack and Jill r...
For those who are between 59 1/2 and 65, do look into doing (some) Roth conversions within your IRA/401K accounts. If you don't, you may end up in a bind in the future. I did not do any Roth conversio...
Accumulating wealth for retirement is one thing, having a solid income structure and tax plan is another. Without them, savings could quietly drain away.
Everyone — not just corporate executives — should map out their finances, tax strategy and healthcare needs to be ready for retirement on their own terms.
I'm preparing for RMDs. I normally make a series of charitable contributions, which are at least partially funded by Regular IRA withdrawals. From what I understand, QCDs can be beneficial in the foll...
Can anyone help me with this? I've got a pension, and it has an increase every year which is a fixed dollar amount and I can't find a calculator that supports this. So if my pension is $38,000 and my ...
Your neighbors are your friends and support system. Aging in place means you'll need to account for more than just maintenance and rising property taxes.
An interview with Dr. Matt Moore to discuss charitable trusts, recent changes affecting charitable giving, and advanced strategies that can help physicians give more efficiently while managing taxes. ...
If you have a pension and $1 million-plus saved, deciding when to take Social Security is about optimizing your taxes, legacy planning and long-term income.
This week Roger explores the idea of "digging where your feet are" and how focusing on what you can do today can reduce anxiety about the future and regret about the past. In the Retirement Toolkit, h...
We gave a Gen Z non-finance professional these 5 questions, and here's how they scored. Can you beat it?
Staring down a massive RMD tax bill at age 75? Relocating to a zero-tax state for a few years could slash your Roth conversion costs. Just beware of the pitfalls.
Clients can maximize profits by paying the tax bill outside of the conversion — and more reminders for advisors before they guide clients through Roth conversions.
Learn how Net Unrealized Appreciation (NUA) may reduce taxes on employer stock held in a 401(k) and when this often-overlooked retirement strategy may apply.
If you hold money in a non-qualified annuity, the IRS will eventually come calling for its share of any gains. It pays to explore tax efficiency ahead of time.
After working for 27 years for the same organization, I found out in late April that my job was being eliminated as of July 1st (a story for another post) I am 64, divorced with two grown children. My...
Six Essential Tips for Any IRS Letter Before diving into the specifics of the five most common letters, we share six universal tips to ground your response: Don't Panic – IRS notices are routine, and ...
You'd assume retiring with $10 million is a hundred times better than retiring with $100,000. It isn't. And the reason is stranger than you'd think. Because the size of your portfolio barely tells you...
We have recently received inquiries as to how to use Copilot to implement the Actuarial Approach. Copilot can use different data sources to provide reasonable results, but we recommend that you provid...
If you don't pay enough in quarterly estimated taxes, the IRS could penalize you. Here are some ways to reduce those penalty payments. The post Estimated Tax Penalties Aren’t Always Final — Here’s How...
This week Roger breaks down IRMAA Medicare surcharges and why retirees should understand them without letting them dominate retirement planning decisions. He explains how the income thresholds work, c...
I am thinking of rolling my 401K which has a mix of mostly Roth and the company match in pre-tax into my existing Rollover IRA and Roth IRA. It seems like it will be simpler to manage and I will be ab...
Florida is the future retirement home. I’ve called Florida home for almost 50 years. I travel extensively for work and met BF six years ago. BF, future husband, lives in AZ. Plan is to sell both our r...
Wife and I (63) looking to downsize. 20 years in a two story, walk out, 4 bedroom, 3.5 bath that’s been an awesome home to raise two girls. Wife is retired and I’ll retire in next 2 years. Makes a lot...
Financial Assessment (Meet with an experienced professional): https://bit.ly/PureFreeAssessment 11 rapid-fire spitballs today from Joe Anderson, CFP®, and Big Al Clopine, CPA, on Your Money, Your Weal...
Many retirees are surprised to learn that Medicare isn't always a fixed cost. If your income exceeds certain thresholds, Medicare can charge significantly higher premiums through a little-known rule c...
Many retirement savers will have no trouble choosing between an IRA or a trust. But experts say there are some important factors that add complication to the decision.
In‑kind RMDs let you transfer investments instead of selling them for cash. Learn how property distributions work, why investors use them and the tax rules.
Cash balance plans are underused despite their potential to boost retirement savings and reduce tax liability for high earners. Time to give them another look.
There are 10 things sitting in your life right now that are quietly draining your retirement. Most people never notice them. This isn't the usual save more, buy more advice. After 15 years of helping ...
It's important to have perspective throughout life. Preparing for and living in retirement is no exception. In this episode we have a little fun discussing the possible perspectives of “The 5 People Y...
Trump Accounts are a new type of tax-advantaged investment account designed to help children begin saving and investing early in life.
Americans are working for more companies across their lifetime — and for far longer. That can lead to greater tax liabilities you'll need to plan for.
This week, a simple quote about wasting time sparks a deeper conversation about why retirement isn't meant to be endlessly optimized. In the Retirement Toolbox, we compare mutual funds and ETFs, explo...
How much do you know about the impact on Social Security, taxes and healthcare when you work past retirement age or decide to "unretire"?
Schedule a free financial assessment with an experienced professional at Pure Financial Advsiors: https://purefinancial.com/lp/free-assessment/?utm_source=captivate&utm_medium=podcast&utm_campaign=fre...
Most retirement advice isn't wrong. It's incomplete. And following incomplete advice for 30 years is how people end up financially ready for retirement but completely unprepared to live it. I've seen ...
Your spouse and children could be bumped into higher tax brackets if you leave them a substantial sum in an IRA. Partial Roth conversions now can help.
Effective estate planning is built on proactive "life planning" that manages investments, taxes and long-term care so you're able to leave a lasting legacy.
Business owners should start exit and estate planning years before a potential sale. Waiting until the deal is on the table can cost you millions in taxes.