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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In this Christmas Eve episode, Roger Whitney explores the basics of charitable giving as part of an intentional retirement plan, with a timely focus on year-end decisions. He explains how charitable d...
Could a counterintuitive tax move today potentially lead to thousands in savings — or an unexpected tax trap tomorrow? In this episode, we discuss: Why some retirees intentionally harvest capital gain...
Medicare premiums and taxes can shrink Social Security benefits. Plan ahead to protect retirement income.
Jeremy Keil explains the top 3 tax efficient strategies for charitable giving in 2025. Most people give to charity because it’s meaningful to them — not because of the tax break. And that’s the right ...
Wow, 2025 is almost over. We only have about 2 weeks left to finish tax optimization. Actually, we have less time than that. I want to get everything done before ... Read more The post End of 2025 Tax...
Roth conversions can save thousands in taxes, but they can also trigger Medicare IRMAA surcharges that quietly add up to more than $5,000 a year. Most retirees never see it coming, because the rules f...
Larry and Barbara Cook thought they were helping government agents. In the end, they found themselves victims of tax and Medicare gotchas, as well as the scammers.
After enactment of the Social Security Reform Act of 1983, Social Security actuaries determined OASDI’s (Social Security’s or the system’s) long-range actuarial balance (LRAB) to be .02%, meaning that...
In January, new Roth catch-up rules will prevent workers over 50 who earned more than $150,000 the prior year from making pre-tax catch-up contributions to their 401(k).
Jeremy Keil explores 7 money moves you can consider before the new year to lower your taxes and keep more of your money in retirement. Every December, people scramble to finish holiday shopping, trave...
Steve spent more than two decades building video games, working with a team that felt more like family than coworkers. By all measures, he loved his work. But a heart attack in 2021 changed everything...
Most retirement advice quietly assumes you have a partner: two incomes, two Social Security checks, someone to split expenses with, someone to catch the slack if something goes wrong. But for singles,...
Retiring at 50 sounds bold, almost unthinkable for most people, but for Kent, it was the only decision that made sense once life, loss, and perspective pushed everything into focus. In this conversati...
As savers, we are being rewarded with higher risk-free yields. Treasury bills (T-bills), Treasury bonds, and money market funds are still paying over 4% without taking equity or credit risk. Because T...
Year‑end planning is critical for wealthy families, in order to preserve wealth, minimize taxes, and grow wealth. Review these key financial planning ideas before 2026.
For most people, taxes feel like a problem for “future-you.” So, the idea of voluntarily paying taxes today can feel counterintuitive. Yet this is exactly the decision behind a Roth conversion, and it...
With the tax-free money in a health savings account, a person can pay for eyeglasses or medical exams, as well as a $1,700 baby bassinet or a $300 online parenting workshop. Those same dollars can’t b...
? Show Notes In this episode, Roger Whitney kicks off a month-long series on year-end planning for retirement. He shares insights on tax loss harvesting, a technique that can help you minimize capital...
Explore how Trump accounts compare to baby bonds, why tax policy favors wealthy families, and what economists propose to close the racial wealth gap.
What if the biggest opportunity to grow your retirement savings has nothing to do with chasing the next big investment and everything to do with taxes? In this episode, Ryan…
As 2025 wraps up, now may be the perfect time to tighten up your finances and set yourself up for a stronger year ahead. These 12 year-end money moves may help you save more, lower your tax bill, and ...
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...
Think waiting until 70 is the gold standard for Social Security? We dig into the real math behind delayed retirement credits and the hidden trade-offs that rarely make it into the headlines. Drawing o...
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...
A year-end personal finance guide covering RMD deadlines, Roth conversions, HSA, contribution strategies, and key tax-saving steps to complete by December 31.
? Show Notes In this Thanksgiving Eve episode, Roger Whitney encourages listeners to carry gratitude into everyday life, emphasizing the value of recognizing specific moments and taking “mental snapsh...
Retiring with a pension changes everything about your retirement math. Most people think about retirement in terms of net worth—how close they are to a million, two million, or more. But if you have a...
A recording from Andre Nader and Brent Sullivan's live video...
The worst investments I've ever owned all share one thing in common—I couldn't sell them.Whether we are talking fractional shares of expensive artwork or private investments in friends' companie...
The maximum employee 401(k) contribution limit for 2026 is increasing by $1,000 to$24,500 according to the IRS. For workers over 50, the catch-up contribution rises to$8,000, bringing the total to$32,...
? Show Notes In this episode, Roger Whitney explores the psychology of loss aversion and how it affects financial decision-making. He introduces the new Retirement Toolbox segment, offering practical,...
In this episode of Retirement Reality, Darren shares what it’s really like to walk away from work at 54 and why it still feels surreal. After decades of saving, hitting his number, and paying of...
The Indianapolis-based Payne & Mencias Group manages money primarily with individual stocks and bonds, aiming for cash-rich, tax-efficient portfolios—and steady guidance through every cycle....
The IRS has announced the cost‑of‑living adjustments for pension plans and other retirement-related items for tax year 2026....
Meera and her husband have $4.5 million in retirement accounts and a $430K income. They want guidance on when to start Roth conversions, how much to convert each year, and whether to continue 401(k) c...
I expect to retire in the next 12-24 months, and I’m looking for advice on how to handle multiple income streams. Like a lot of people, for almost 40 years, nearly all our household income has c...
? Show Notes In this episode, Roger Whitney explores the psychology of loss aversion and how it affects financial decision-making. He introduces the new Retirement Toolbox segment, offering practical,...
The final weeks of the year are more than just holiday prep and family gatherings. They’re also your last chance to make financial moves before year-end that could boost your retirement savings,...
Joe Anderson, CFP® and Big Al Clopine, CPA spitball withdrawal strategies, Roth conversion timing, and saving priorities for every stage of life, today on Your Money, Your Wealth® podcast numb...
Everyone's wondering if this is the worst time to retire. With high valuations, stubborn inflation, and constant uncertainty, it's easy to feel uneasy about your timing. In this episode, we look at wh...
Life insurance trusts, particularly irrevocable life insurance trusts (ILITs), can minimize estate taxes and protect your heir's inheritance....
To read this story on KSL.com, click here. You probably know how much money you have saved for retirement. But do you know how much money you’ll owe in taxes…...
Today, I'm speaking with David McKnight. David is a best-selling author, world-renowned tax strategist, and financial educator who challenges some of the most popular (and misleading) retirement gurus...
It’s not too early to start planning your spending for 2026 even though you haven’t yet determined your January 1, 2026 Funded Status. You or your spouse may be considering spending in 202...
You probably have a good idea of how much money you’ve saved for retirement. But do you know how much you’ll owe in taxes when you retire? This is the…...
Take our RMD quiz to test your retirement tax knowledge. Learn about RMD rules, IRS deadlines, and tax penalties that could shrink your savings....
The IRS will come knocking for its share of your tax-deferred retirement savings when you hit 73, but planning ahead for RMDs will ensure you're ready....
A single misunderstanding about Social Security spousal benefits can cost couples thousands over retirement. This episode unpacks the real math behind how Social Security treats spouses, ex-spouses, a...
Recent tax changes, including an extra $6,000 deduction for those 65 and older, present a golden opportunity for retirees to reduce their tax bills....
Retiring soon. Looking for insights on my ability to retire, and things I haven’t considered — especially from women in similar life circumstances. I have 600K in mixed retirement accounts...