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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Answering listener questions about how they can make smarter use of Roth accounts and tax-efficient retirement strategies and how they can think about reducing future RMDs. The post Roth Conversions f...
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A listener asks about a spendthrift trust for his adult "airhead" granddaughter. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through thei...
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Women should personalize their Social Security claiming strategy and run the numbers after considering life expectancy, tax situation and existing assets.
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Older founders are three times more likely to succeed than 30-year-olds. Here's how to leverage your expertise while navigating the "Medicare gap" and self-employment taxes.
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From spousal and child benefits to taxes and timing, these 20 lesser-known Social Security rules can significantly impact your retirement income.
In this week's Ask the Editor Q&A, Joy Taylor answers questions on monthly Medicare premiums, IRAA and tax-deductible medical expenses.
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This retirement planning approach simplifies your decisions, improves your tax efficiency and provides you with peace of mind. This is how it works.
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My wife and I met with our CPA today to sign our 2025 tax forms. During our conversation, I asked him how much we could convert from my traditional IRA to my Roth IRA, without bumping us into a higher...
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Legacy planning integrates your values and stories with legal and tax strategies to ensure your influence benefits loved ones and good causes after you're gone.
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Happy 2026! Get the updated FAANG FIRE Cheat Sheet with new 401k limits ($24.5k), tax brackets, and triple paycheck dates.
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What if you could employ gift giving strategies that benefit the receiver and also provide the giver significant strategic financial and tax planning advantages? The post The Unexpected Gifts of Givin...
About 10 years ago, I tried logging onto SSA.gov to check my Social Security benefits. You would think after decades of paying FICA taxes (6.2% for SS, 1.45% for Medicare), the government might make i...