Taxes
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Retirement Tax Planning Calculator
Dec 21 2024
My wife and I (61 & 58) have several retirement accounts: Trad 401(k), Trad IRAs, Roth IRA, I-Bonds, and taxable brokerage. We will both have pretty good SS income as well. Planning to retire in 2...
reddit.com
Five Year-End Strategies You Can't Afford to Miss
Dec 20 2024
Instead of making New Year's resolutions, consider making some money moves that could help save you big bucks on your taxes....
kiplinger.com
Do As I Say, Not As I Did
Dec 20 2024
What do Arnold Schwarzenegger going vegan, the U.S. advocating for lower carbon emissions, and Warren Buffett calling for higher capital gains taxes all have in common? They are all examples of what I...
ofdollarsanddata.com
What retirees need to know about tax brackets for 2025
Dec 19 2024
Those at or near retirement need to account for slightly higher tax brackets, as well as higher Basic Personal Amount and OAS clawback thresholds, among other changes for 2025. The post What retirees ...
moneysense.ca
Coordinating Bonds, Market Returns, and Taxes into a Personalized Retirement Strategy
Dec 19 2024
One of the reasons my team at Keen Wealth puts so much care into personalizing our comprehensive planning process is that there's no one path to a successful retirement. Yes, we often incorporate some...
keenonretirement.libsyn.com
Will the TCJA Estate and Gift Tax Provisions Really Sunset?
Dec 18 2024
Will the TCJA Estate and Gift Tax Provisions Really Sunset?...
kiplinger.com
A Social Security Payroll Tax Increase Should Be Part of the Solution
Dec 18 2024
But the increase should be small and gradual. Enough with politics. It’s time to get back to solving problems. Not surprisingly – given my slant on the world – the problem I care mos...
crr.bc.edu
It's never too late for year-end tax planning
Dec 18 2024
Consider this host of strategies to help clients keep more of what they earn....
financial-planning.com
Do You Need to File a Tax Return This Year?
Dec 16 2024
Depending on your income and other factors, you many not need to file a tax return. However, in some cases you may want to file anyhow. The post Do You Need to File a Tax Return This Year? appeared fi...
financialducksinarow.com
40th anniversary of the social security tax.
Dec 16 2024
It’s been 40 years since the social security tax was imposed back in 1984. And the AARP has done nothing to repeal that tax. That seems like it should have been a year after year priority with e...
community.aarp.org
Super Agers AARP Bulletin >>> Your Money >>> CRUNCH YOUR FUTURE NUMBERS … MISSING Tool: MaxiFi
Dec 16 2024
This article in the November 2024 Bulletin by Richard Eisenberg should mention MaxiFi. It is a wonderful tool to plan withdrawals from pre-tax and post-tax retirement accounts and other financial acco...
community.aarp.org
Retirement planning is more than tax planning
Dec 15 2024
Let me be super clear about 2 things up front: I (68, retired) am very fortunate to have enough saved and invested for my retirement, including maxing my 401k and IRA over 40 years and paying off my h...
reddit.com
The Kiddie Tax
Dec 14 2024
Here's what you need to know about the kiddie tax, how to figure out how much it'll cost, and whether it's required for you to pay. The post The Kiddie Tax appeared first on The White Coat Investor - ...
whitecoatinvestor.com
Trump Proposed Eliminating Social Security Taxes. Here's the Bill That Could Make It Happen.
Dec 14 2024
A bill has been introduced to eliminate taxes on Social Security benefits....
money.usnews.com
473: Retirement Tax Planning: Exploring the Impact of a Republican Trifecta on Your Taxes and Bottom Line
Dec 13 2024
With the 2024 presidential election now behind us, what does that mean for the future of tax policies, tax rates, and their impact on your lifelong savings? In this episode, we discuss: A brief histor...
retirewithpurpose.com
Retirement Abroad? Three Countries With No Inheritance Tax
Dec 12 2024
These 2025 top-retiree-friendly countries have an added benefit: potential tax savings for you and your heirs....
kiplinger.com
Three Possible Tax Impacts for Retirees Under Trump
Dec 12 2024
How might a second Trump term affect your tax bill in retirement — or the inheritance tax bill for your heirs? This pro has three predictions....
kiplinger.com
Estimating Your 2024 Tax Bill
Dec 12 2024
I was annoyed that the online calculator I previously used to estimate my taxes wasn’t updated for 2024 tax data. So I decided to just build one myself. I wanted it to be simple and quickly answ...
faangfire.com
Advanced Direct Indexing With Tax Loss Harvesting Using Frec
Dec 12 2024
Since the first robo-advisors came on the market, I have been “robo-curious”. Robots could manage hundreds of individual positions while creating daily tax loss harvesting opportunities. B...
faangfire.com
The 3 Tax Mistakes That Could Cost You Thousands
Dec 12 2024
Hey FAANG FIRE! I just returned from 7 days in Oahu, Hawaii. All contributing towards my goal of increasing spend on vacation that I mentioned in my last post where I outlined my current spending. We ...
faangfire.com
9 Answers to Boost Tax-Free Roth Retirement Income - 507
Dec 10 2024
Joe Anderson, CFP® and Big Al Clopine, CPA spitball on paying the tax on your Roth conversions on Your Money, Your Wealth® podcast number 507. If you take the money out of your retirement acco...
purefinancial.com
Case Study: Optimizing Current ACA Subsidies vs. Roth Conversions for Long-Term Tax Planning
Dec 10 2024
Today I have a guest post from personal finance enthusiast Dan Griffin. While Dan is not a practicing financial planner, he passed the CFP exam in 2010 and holds an Executive Certificate in Personal F...
caniretireyet.com
What Trump’s Tax Policies Mean for Your Retirement
Dec 09 2024
How could Trump’s tax policies impact your retirement plans? In this episode, we break down the potential changes, from tax cuts to shifting brackets, and discuss what they could mean for your s...
sites.libsyn.com
Year-End Retirement Tax Planning Actions if You Have $1 Million or More
Dec 08 2024
Consider implementing these four strategies before December 31 to potentially improve your tax situation for this year and the future....
kiplinger.com
Is BOXX the Place for Your Cash?
Dec 07 2024
Here's everything you need to know about investing in BOXX, including its tax implications and how much it could ultimately cost you. The post Is BOXX the Place for Your Cash? appeared first on The Wh...
whitecoatinvestor.com
Top 10 Ways to Lower Your Taxes and Lower Your Tax Bracket
Dec 07 2024
Let's review tax reduction strategies that can help you minimize your tax burden and keep you in a lower tax bracket. The post Top 10 Ways to Lower Your Taxes and Lower Your Tax Bracket appeared first...
whitecoatinvestor.com
Required Minimum Distribution (RMD) Tax Mistakes to Avoid
Dec 05 2024
RMD mistakes can lead to IRS penalties and in some cases, more taxable income than necessary....
kiplinger.com
Roth or Traditional: How to Choose a Retirement Tax Strategy
Dec 05 2024
When picking which type of 401(k) or IRA is right for you, consider whether you want to save a little on your taxes now — or save a lot more on them later....
kiplinger.com
Maximizing Tax-Free Income and Withdrawals In Retirement
Dec 05 2024
There’s a lot of enthusiasm for Roth IRA conversions and Mega Backdoor Roth IRAs—and for good reason. Paying taxes upfront on your retirement accounts can be a savvy move, especially if yo...
financialsamurai.com
Estimate Your Taxes in Retirement
Dec 04 2024
TAX BILL CALCULATOR COULD YOUR TAX BILL IN RETIREMENT BE TOO BIG? If you’ve saved for retirement in an IRA, 401(k), or other tax-deferred vehicle, you have a tax bill…...
bossretirement.com
Gifting While You're Alive: Tax Benefits and Practical Tips
Dec 04 2024
Why wait until you're gone to help the people and causes you love? Get a jump-start on gifting and see all the good you can do....
kiplinger.com
Unpacking Common Retirement Challenges(Ep. 3)
Dec 04 2024
Did you know that the average retired couple could end up paying hundreds of thousands of dollars in taxes on their retirement savings? Join Tyson Thacker and Ryan Thacker, as…...
bossretirement.com
10 Taxes of Life You Need to Pay: A Guide to Personal Growth and Fulfillment
Dec 03 2024
A few years ago, I came across a profound quote by Seneca in Ryan Holiday’s The Daily Stoic: “All the ... Read more...
physicianonfire.com
Post-Election Estate Tax Planning – What Now?
Dec 03 2024
If you are like many people, you put off finalizing estate tax planning until the results of the 2024 election were in. Now they are in - it is time to move forward....
forbes.com
What Is Capital Gains Tax Deferral?
Dec 02 2024
Spoiler alert: It's the secret weapon of savvy real estate investors. Here's how it works and details about the tools you need to do it....
kiplinger.com
The Most Important Document To Have Before Going Into Retirement
Dec 02 2024
The most important part of your estate plan isn't about taxes, investments, gifts, or other financial issues. The priority of every estate plan, for people of every age, is the medical care documents....
forbes.com
Don't Leave Your Heirs an IRA Tax Bomb
Dec 01 2024
Your traditional IRA has served you well, but when your heirs inherit it, watch out. Consider some of these strategies to minimize their tax burdens....
kiplinger.com
Tax Planning for Widowed Retirees: How to Optimize Your Tax Strategy
Nov 30 2024
Jennifer, 54, plans to retire soon. Her husband, 70, is retired, on Social Security, and dealing with some severe health issues. Jennifer worries about possibly becoming single in retirement, which co...
buzzsprout.com
Teach:able’s Founder Tackles A New Challenge: Democratizing Access To Tax-Efficient Retirement Accounts For The Self-Employed
Nov 27 2024
An early player in the online learning space tackles a new challenge: making tax planning and retirement savings easier for solo practitioners and small businesses....
forbes.com
Three Reasons Why Your Adviser Won't Talk Taxes
Nov 25 2024
Financial advice and tax advice go hand in hand — or at least they should. But a lot of times, they don’t. Here's why and what to watch out for....
kiplinger.com
Trump Tax Cuts And 11 Other Reasons To Skip A Roth Conversion
Nov 23 2024
Prepaying income tax on a retirement account might be a good idea. Or it could be a really bad idea. Read this before pulling the trigger....
forbes.com
12 Year-End Tax Planning Strategies to Keep More 2024 Money and Prepare for Future Wealth
Nov 23 2024
These 12 year-end tax tips for retirement will help you minimize your 2024 taxes and reduce future tax bills. The post 12 Year-End Tax Planning Strategies to Keep More 2024 Money and Prepare for Futur...
boldin.com
9 Year-End Money Moves to Make Now
Nov 23 2024
Boost your retirement savings, lower your taxes and get the most out of your health insurance....
kiplinger.com
Trump promise of no fed tax on SS checks.
Nov 23 2024
why isn't AARP holding Trump to his promise of no fed tax on SS checks and making it a public issue....
community.aarp.org
What a Second Trump Term Could Mean for Social Security, Taxes, and Interest Rates
Nov 20 2024
If there's one thing we know that the financial markets like, it's certainty. And since the 2024 presidential election was settled overnight -- rather than the weeks it took to count votes in 2020 -- ...
keenonretirement.libsyn.com
65-year-old Utah couple find $292,567 in retirement tax savings
Nov 19 2024
At 65 years old, Mike and Patty from Lehi were reaching retirement age and were in a good position. Mike had worked for 20-plus years for a local Salt Lake…...
bossretirement.com
Why States Are Offering Workers at Private Companies Access to I.R.A.s
Nov 19 2024
With the plans, workers are automatically enrolled and contribute through payroll deductions. The goal is to help more Americans save for retirement....
nytimes.com
10 Inefficiencies I Look for on Rich Retirees' Tax Returns
Nov 16 2024
Your tax return could hold clues to several missed opportunities and important gaps in your retirement planning....
kiplinger.com
Will You Pay Taxes on Your Social Security Benefits?
Nov 15 2024
You might, depending on your income, but smart financial planning now can help lower or even eliminate your taxes in the future....
kiplinger.com
Estimating Your 2024 Tax Bill
Nov 15 2024
I was annoyed that the online calculator I previously used to estimate my taxes wasn’t updated for 2024 tax data. So I decided to just build one myself. I wanted it to be simple and quickly answ...
andrenader.substack.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.