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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If you’re interested in learning about effective strategies to help you pay fewer taxes, generate income, minimize risk, and protect yourself from inflation in retirement… then don’...
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As we wrap up 2023, it’s the perfect time to evaluate our finances, including taxes, investments, retirement, savings, and estate ... Read more...
Public Service Announcement ? Doing a Roth conversion for 2023 ? Must be done by the end of THIS month, Dec 29 (yes deadlines for contributing to a Roth IRA versus doing a Roth IRA conversion for the ...
I retired at age 57 last year. Nowadays I have fiduciary financial advisors to help me navigate all the complexities of being a person that has to file quarterly taxes and figure out how to best move ...
[168] – There are only 10 days left in the tax year. What can you do right now to maximize your refund? In this episode, Jeremy Keil discusses strategies for maximizing tax refunds and retiremen...
Proposed Billionaire's tax will radically alter income and estate taxes and planning for wealthiest. It may apply at $100 million level of wealth....
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Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for How to Improve Your Relationship With Yo...
Another special encore episode just in time for year end. Managing taxes in retirement may have a greater impact than any other single cost-saving measure you take. Today, we're replaying our epsiode ...
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Major tax changes likely are on the way. It's time to plan now....
Episode 435: The Santa Claus rally is a seasonal phenomenon mostly driven by tax policy. Like New Year’s resolutions, it usually quickly fades…leading to the 2nd Quarter phenomenon known ...
Many of you are business owners, so you have probably heard about S Corps and the tax benefits that come from being an LLC taxed as an S Corp. However, you have only heard about half of the story, so ...
Last-minute tax questions answered: should Brad in Wahoo, NE save to his regular 401(k) instead of his Roth 401(k) so he can claim the American Opportunity Tax Credit? Should Jennifer and Zeke in NY s...
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for How to Save $100K+ in Taxes Over Your Li...
Major tax changes likely are on the way. It's time to plan now....
I’m 65 and plan on retiring from full time employment in 26 months. I have a military pension, 900k in retirement savings (mostly in non-Roth, unfortunately), planning on drawing SS when I retir...
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for How Can Retirees Avoid the Tax Bomb in T...
It's not my work that taxes me, it's the interactions and ups and downs of working in a 600 person office. My boss and grandboss are great people but there is still the expectations of work, the meeti...
 Tax loss harvesting is a strategy that investors use to reduce their tax bill. However, there are many misconceptions about tax loss harvesting, including when it's valuable and how to do it ef...
You may not realize it … The skyrocketing cost of healthcare. Continued inflation. Social security on life support. And the threat of higher taxes coming soon. Americans have a long list of con...
Both my husband and I will have pensions, in planning our budget for retirement how do I know how much to subtract for taxes? Between the two pensions our monthly gross pay will be roughly $8,300 -$8,...
Single mothers receive three-fourths of the tax refunds the IRS pays out every year through the Earned Income Tax Credit (EITC) for low-income workers. The EITC’s big plus is that it’s ful...
Last week I wrote about 21 end of year tax planning moves W2 income earners can make. So of course I have to follow that up with a similar post for business owners. Let’s walk through 23 impactf...
Hello I moved from Texas where we had a estate plan done by professional board certified estate planning attorney. However now we are in a different state Oregon that has estate tax and so I went to o...
The prior week we introduced some basic tax concepts that everyone should know. This week, we are going to continue to build on that foundation by discussing the different types of retirement accounts...
Taxes can be one of the biggest bills facing retirees. Maximizing your tax free retirement income can greatly reduce you odds of running out of money as you age....
Steve & Sharon in Minnesota are high earners - can they get more money into their Roth IRA without paying more tax? Should Fred in western New York do Roth conversions before required minimum dist...
The IRS has introduced new income limits for its seven tax brackets for 2024. Thankfully, the thresholds have all increased by 5.4% to account for inflation. In 2023, the IRS expanded its tax brackets...
We are officially approaching the last 2 months of the year which means that you should start making end of year tax planning/financial planning moves. Now you may be wondering, “what are those ...
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Last week, we discussed more on good budgeting practices. This week, we’re going to turn the page to the world of taxes. We are going to walk through a few introductory topics on what most peopl...
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The second home is supposed to be a place of respite, a happy place, so why interrupt that solitude with death and taxes....
The second home is supposed to be a place of respite, a happy place, so why interrupt that solitude with death and taxes....
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If you're in a high tax bracket now and expect to remain in a high tax bracket after retirement, should you prioritize pre-tax retirement accounts or Roth retirement accounts for individuals? James an...
If you're in a high tax bracket now and expect to remain in a high tax bracket after retirement, should you prioritize pre-tax retirement accounts or Roth retirement accounts for individuals? James an...
Why does Becca in Florida’s advisor "poo-poo" her strategy for funding 529 plans for education? Keith, commenting on Spotify, wants to know about reimbursing yourself from a 529 plan for the sch...
Europe has a reputation for high taxes… but this isn’t always fair....
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