Taxes
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How to Reduce Your Tax Bill by Saving for Retirement
Jun 03 2025
There are many ways to reduce a tax bill, but saving for retirement is one of the best....
money.usnews.com
Social Security and taxes
May 31 2025
The government promise of an additional $4K of deduction for seniors at tax time does not go far enough to deal with SS and taxes. In 1983 when they started taxing SS income, only 10% of people receiv...
community.aarp.org
Proposed Changes to HSAs in the One Big Beautiful Bill Add up for Retirement Savers
May 30 2025
HSAs are getting a glow-up in the pending tax bill. Those 55+ and workers enrolled in Medicare Part A will have more opportunity to save for medical costs in retirement....
kiplinger.com
What Trump's Big Beautiful Bill Act Means for Seniors
May 28 2025
Trump's tax plan could mean a higher deduction but reduced health care benefits for older Americans....
money.usnews.com
Don’t Forget Your Taxes, Part II
May 27 2025
This post is a brief follow-up to our post of May 6, 2023 in which we reminded you that taxes are essential expenses that must be planned for in retirement. As is the case with other expenses expected...
howmuchcaniaffordtospendinretirement.blogspot.com
Car Wash Investing: Cut Tax Grime and Polish Your Portfolio
May 26 2025
Real estate investing professional explains the tax advantages and efficiencies of investing in car wash real estate....
kiplinger.com
Listener Q&A: Trusts, IRMAA, Inheritance Taxes, Capital Gains, and More
May 26 2025
In this special episode, we catch up on a backlog of insightful listener questions—covering everything from estate planning and Social Security taxation to Roth conversions and Medicare rules. I...
sites.libsyn.com
Trump’s Reckless Policies Keep Interest Rates High
May 24 2025
Higher interest rates follow from President Donald Trump’s economic policies. Economic uncertainty, global tariffs and tax-cut fueled deficits are the main culprits....
forbes.com
Tax Cuts Now Could Lead to Rising Rates Later. Here’s How to Protect Yourself.
May 24 2025
The swelling budget deficit makes future tax increases likely, our columnist says, even if taxes are going down now. Hedge your bets with a concept from investing — diversification....
nytimes.com
Ask the Editor, May 23: Reader Questions on Gifts, Estate Tax
May 23 2025
In our latest Ask the Editor round-up, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on gifts, the estate tax and stepped-up basis upon death....
kiplinger.com
‘Trump Accounts’ Christened as New Name for ‘MAGA Accounts’ in GOP Tax Bill
May 23 2025
The new savings accounts, likened to a “401(k) for kids,” are included in the bill passed…...
401kspecialistmag.com
Tax Reconciliation Bill Could Trigger $500 Billion in Mandatory Medicare Cuts
May 22 2025
The deficits caused by the tax bill would trigger the Statutory Pay-As-You-Go Act of 2010 and force billions in cuts to Medicare. However, Congress can block the implementation of the cuts....
kiplinger.com
Portability: Should You File An Estate Tax Return?
May 19 2025
Should you file an estate tax return when your spouse dies to preserve the unused estate tax exemption? Form 706 is costly, the exemption is high, but will the laws change in the future?...
forbes.com
Donating Complex Assets Doesn't Have to Be Complicated
May 19 2025
If you're looking to donate less-conventional assets but don't know where to start, this charity executive has answers, such as considering a donor-advised fund (DAF) for its tax benefits and ease of ...
kiplinger.com
Think a Repeal of the Estate Tax Wouldn't Affect You? Wrong
May 18 2025
The wording of any law that repeals or otherwise changes the federal estate tax could have an impact on all of us. Here's what you need to know, courtesy of an estate planning and tax attorney....
kiplinger.com
?? Cuts to Food Assistance Looming for OLDER Adults (AARP Article/Advocacy)
May 17 2025
FROM THE ARTICLE: Assistance Looming for Older Adults as Tax Bill Progresses. Keep vital SNAP benefits intact, AARP tells lawmakers. By Deirdre van Dyk, AARP. Published May 15, 2025. Some older adults...
community.aarp.org
No Taxes On Tips, Overtime, And Social Security? Not Exactly
May 15 2025
Not all the Trump promises to cut tax on tips, overtime and Social Security made it into the proposed tax bill—and those provisions that did make it in are temporary....
forbes.com
13 Ways to Screw Up Tax-Loss Harvesting
May 14 2025
It's amazing all of the different ways people can screw up tax-loss harvesting. Let's outline a few mistakes to help others avoid them. The post 13 Ways to Screw Up Tax-Loss Harvesting appeared first ...
whitecoatinvestor.com
The Three Retirement Tax Issues I Nag My Clients About
May 14 2025
A financial professional highlights areas of tax planning that retirees should have on their radar as they finalize their retirement plan....
kiplinger.com
IRA withdrawal to pay federal tax bill
May 14 2025
About 5 years ago, when I started doing a relative's tax return, he was always prompting me to make a quarterly tax payment. Since he had to take RMDs and since he did not need the income from the RMD...
reddit.com
How Financial Advisers Can Help Clients Navigate the SSFA
May 13 2025
The Social Security Fairness Act's big changes and new opportunities could require adjustments in tax strategy for some Social Security recipients....
kiplinger.com
The Thinking About Retirement Edition
May 13 2025
On this episode of \"Tax Breaks”, Kelly Phillips Erb talks retirement. She dives into retirement planning, highlighted by Forbes' list of the Best Places To Retire and considerations for Social ...
forbes.com
Post-Tax Season Planning Ideas
May 13 2025
Unlike tariffs, taxes are an area where investors do have control to improve their financial lives....
forbes.com
401(k) Tax Subsidy and Matches Favor Higher Earners, Often White
May 12 2025
The Social Security program was designed to support lower-income retirees more by replacing a larger share of their past earnings than higher earners receive. But the subsidies that encourage workers ...
crr.bc.edu
Financial advisors are divided over this RMD tax strategy
May 12 2025
A little-known feature of RMD tax withholdings could help minimize a client's effective tax burden. Not all financial advisors are on board with the strategy....
financial-planning.com
Affordable New Jersey Communities for Homeowners and Renters (ANCHOR)
May 12 2025
New Jersey Seniors & Homeowners check out these important property tax relief programs for 2024! Apply by: Oct 31, 2025 ?ANCHOR Program ✅Homeowners earning up to $250K: $1,500 or $1,000 bene...
community.aarp.org
I'm a Financial Planner: Here Are Five Lesser-Known Ways to Avoid Estate Tax
May 11 2025
The clock is ticking on the estate and gift tax provisions in the Tax Cuts and Jobs Act, so the sooner you act on removing assets from your estate, the better....
kiplinger.com
The Secret to Saving Big on Taxes in Retirement (Ep. 19)
May 10 2025
What if you could turn your biggest retirement expense into your greatest savings opportunity? In this episode, Tyson and Ryan Thacker from B.O.S.S. Retirement Solutions sit down with Brandon Olson,&h...
bossretirement.com
Secrets to Minimizing Taxes on Your Retirement Income (Ep. 17)
May 10 2025
Why are taxes one of the biggest retirement expenses, and how can you minimize them? Join Ryan and Tyson Thacker for an episode of Retirement Solutions The Podcast as they…...
bossretirement.com
Ask the Editor, May 9 — Reader Questions on QCDs
May 09 2025
In our latest Ask the Editor round-up, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on qualified charitable distributions (QCDs)....
kiplinger.com
18 Signs Someone Is Economically Illiterate (According To A Recent X Poll)
May 08 2025
You’ve probably come across people who act like financial experts, until they say something that instantly gives them away. It doesn’t take much. One comment about taxes, cars, or credit c...
dadisfire.com
Get Your Tax Bill Down
May 08 2025
Answering reader questions about tax-loss harvesting, tax implications for changing your 529 beneficiary, gift tax rules, tax withholdings, and the home office deduction. The post Get Your Tax Bill Do...
whitecoatinvestor.com
Big Tax Deduction Increase Proposed for Those Over Age 65
May 08 2025
A new bipartisan bill could mean bigger retirement tax savings to offset taxes on Social Security and high prices....
kiplinger.com
Six Ways to Use AI to Improve Your Financial Life
May 06 2025
While they can't replace human advisers, AI-based tools can take some of the guesswork out of financial tasks — from budgeting to filing taxes and investing....
kiplinger.com
The Future of Opportunity Zones: Outlook for 2025 and Beyond
May 05 2025
There are three potential paths forward for this innovative tax incentive program that's set to expire in 2026....
kiplinger.com
The 3 Parts to a Perfect Estate Plan – Part 2b: Tax Considerations
May 05 2025
In this episode, we cover key tax considerations around wealth transfer. We cover the differences between federal estate tax and state inheritance tax, and explain why the stepped-up basis is such a p...
sites.libsyn.com
? AARP Backs Bill to Reduce Tax Burden for Seniors (AARP Article)
May 05 2025
FROM THE ARTICLE: Legislation to Reduce Tax Burden on Older Americans. Bill would boost deductions for those ages 65+, helping offset Social Security income taxes. By Emily Paulin, AARP. Published May...
community.aarp.org
Ask the Editor, May 4 — Questions on Tax Deductions, Losses
May 04 2025
In our Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers readers' questions on tax deductions and losses....
kiplinger.com
Valuable State Tax Breaks for Retirees in 2025
Apr 30 2025
Selecting the right state for retirement can significantly impact your financial well-being....
kiplinger.com
Recent Case Evaluates Whether Mom’s Transfer To Son Was A Loan Or Gift
Apr 30 2025
Family loans are a common transaction that if not handled properly could create IRS issues for gift, estate or income tax, and issues with creditors or ex-spouses....
forbes.com
The Most Powerful Tax-Free Retirement Tool: Start Leveraging Your HSA Now
Apr 30 2025
Health Savings Accounts (HSAs) don’t get much attention—but they should. With triple tax advantages (tax-free contributions, growth, and qualified withdrawals), HSAs offer a level of flexi...
buzzsprout.com
It’s Time To Buy Muni Bond Funds—Here’s Why And Where
Apr 27 2025
Thias guide to tax-exempt bond funds has 40 Best Buys...
forbes.com
Tax Credit Reduces Disabilities Among Older Workers
Apr 27 2025
To improve low-income households’ economic well-being, the social safety net provides both cash assistance and additional resources to support a better lifestyle – safer housing, more educ...
crr.bc.edu
FIRE in San Francisco: Updated Projections After Taxes, Social Security, and Housing Scenarios
Apr 26 2025
I received many questions after concluding in my post “How Much is Enough to FIRE in San Francisco” that $5,654,000 was enough to cover my current and planned future spending needs....
faangfire.com
When is the Best Time to Realize Gains in my Investment Account?
Apr 23 2025
If you’re sitting on large investment gains in a brokerage account and wondering whether it’s worth taking the tax hit, this episode is for you. I walk through a clear framework I use with...
buzzsprout.com
Trump’s Tax Cut Risks Your SNAP, Medicaid Benefits
Apr 22 2025
The GOP budget blueprint could slash lifesaving programs for millions of U.S. households....
kiplinger.com
Stay Tax Aware in 2025
Apr 22 2025
It's important to stay tax aware when it comes to your finances. On this episode, we explore some of the latest updates for 2025. Glenn is available for in person and online meetings if you'd like to ...
retirementroadmappodcast.podbean.com
Recast mortgage or hold after-tax money for retirement investing
Apr 19 2025
I just retired and had to buy a house late. I am in year 3 of a 30 year mortgage at 6.375%. I have enough in pre-taxed income, 401k, HSA, and Roth to live comfortably but not lavishly. Would I be smar...
reddit.com
Four Takeaways From Filing Your Taxes to Boost Your Financial Future
Apr 18 2025
Now that another tax season is in the rearview mirror for most of us, what lessons can you take from what you learned about your finances to plan for the future?...
kiplinger.com
How to Tax-Loss Harvest with Vanguard
Apr 18 2025
Tax-loss harvesting is a strategy where you sell losing positions to get a tax deduction. Here's how to tax-loss harvest with Vanguard. The post How to Tax-Loss Harvest with Vanguard appeared first on...
whitecoatinvestor.com
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About Taxes
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.
4. Pension income: Pension income may be taxed as ordinary income or as a combination of ordinary income and a return of your contributions, depending on the specific terms of the pension plan.
It's important to be aware of the tax implications of your retirement income and to consider them as you plan for retirement. It may be helpful to consult with a tax professional or financial advisor to understand how your retirement income will be taxed.