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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Today on Your Money, Your Wealth® podcast number 580, Joe Anderson, CFP®, and Big Al Clopine, CPA, are spitballing for some folks who've done the work, hit the numbers, but aren’t sure if they can rea...
University and college towns offer a mix of cultural activity and healthcare access that appeals to some retirees. But the tax tradeoffs vary significantly depending on where you land.
Tax law changes might be confusing, but there are still ways to be generous without sacrificing financial security. A donor-advised fund is a place to start.
Author, podcaster and financial advisor Tyson Ray explains the importance of knowing your financial advisor’s succession plan and what happens to you when they retire. “If something happens to you, wh...
We are hoping to retire in next 2-3 years. We met and married in San Francisco and loved that urban vibe when we were young. Kids came along and we relocated to Roswell GA just outside of Atlanta in t...
When you leave a job, you have several options for your 401(k), including leave it, roll it over to an IRA or your new 40(k), or cash it out. Each choice has different tax implications and can impact ...
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. ?Contact Devin's team at https://carrolladvisory.co/podcast1 ...
From holding too much cash to failing to factor in taxes, these investment behaviors can hurt more in retirement, when you've less time to recover from mistakes.
We cover 8 creative tax strategies, plus the retirement planning approach that can save you more money. The post Creative Tax Planning: 8 Unusual Strategies — and What Works Better appeared first on B...
Most people think deciding when to take Social Security is a math problem. Run the numbers. Find the breakeven age. Pick 62, 67, or 70. Done. But that approach misses the point. This is not a math dec...
In this week's Ask the Editor Q&A, Joy Taylor answers questions on inherited IRAs and the 10-year cleanout rule for non-spousal IRAs inherited after 2019
Are you actually better off getting a tax refund, or is your brain tricking you into celebrating a financial loss? Topics covered in this episode: Tax refunds vs. tax liability: what actually matters ...
I’m just not a sit-around-the-house kind of guy, never have been. I also think it’s a blast to learn something new, especially under the eye of someone who really knows what they’re doing. And so I kn...
Time is a young investor’s greatest asset. Discover how small contributions today can evolve into a tax-free fortune by the time they retire.
The decision to move to a different state should balance financial issues with the lifestyle you want, rather than simply choosing a low-income-tax state.
I’d be interested to hear from those that have investments that pay close to or over the 400% poverty level and how do you manage things for Healthcare each year? I’m trying to not suck all my savings...
Jeremy Keil explains how 5 smart moves could impact your ability to claim $180,000 or more as a couple in Social Security. If you’re about to file for Social Security, there’s a real possibility you c...
Incorporating housing wealth and lifetime annuities in your retirement income plan can offer a significant tax-cost advantage over an investment-only plan.
Saving into Roth instead of traditional accounts to bring down required minimum distributions in retirement, and whether retiring early is in the cards: that's today on Your Money, Your Wealth® podcas...
Every year or two, the market hands you a gift wrapped in anxiety. You watch your portfolio bleed, you refresh your brokerage app more than you should, and you feel helpless. But when you have childre...
Chris Orestis, founder & president of Retirement Genius, answers the question: “Is Social Security going bankrupt?” “If we don’t address the financial shortfall… it would trigger an immediate 20% or g...
Dr. Wade Pfau explains four ways to beat sequence of return risk and turn your retirement savings into retirement income. For most of your working life, retirement planning feels relatively straightfo...
Chris Orestis, founder & president of Retirement Genius, explains how to make more informed Social Security decisions. Social Security is one of the most important decisions in retirement. And yet, ma...
Hello. I (59F) have been trying to plan to retire early-ish for years. I would like to very much soon. I have tried to make my plans generally as fitting the circumstance at the time only to have the ...
401(k) mistakes aren’t just about saving too little – they’re also about poor planning. Common issues like tax-heavy accounts, lack of diversification, and early withdrawals can reduce your retirement...
Kevin asks about using leveraged ETFs (2x and 3x return) for his retirement savings. LEverage Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John...
Ann asks about making qualified charitable distributions from her 457 plan. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their ind...
Unless you're listening to this while flying in your own Gulfstream, federal estate taxes probably aren't something you need to worry about. In 2026, they only apply to estates over $15 million, or $3...
You’ve done everything right. You saved consistently. You built a portfolio. You figured it out on your own. So why would you ever need a financial advisor now. That question makes sense. And for many...
You can do everything right and still feel stuck. Save aggressively. Max out your 401k. Build a large portfolio. And then one day realize you can’t actually use it when you want to. In this episode, J...
As you get close to retirement, something unexpected starts to happen. The math looks good. The plan works. And yet, you hesitate. In this episode, James Conole explores the quiet mental traps that sh...
One of the biggest fears people carry into retirement is running out of money. But for many retirees, the greater risk is something else entirely. Running out of time. In this episode, James Conole, C...
It's "a tradition unlike any other." The $1.50 pimento cheese sandwich. Every year at the Masters, you'll hear TV commentators wax nostalgic about what makes the world's most famous golf tournament un...
Higher-income earners must make 401(k) catch-up contributions with after-tax dollars and place them in a Roth account.
Most people don’t know about these tax perks for retirement savers.
Investors with slightly higher incomes will quality for retirement savings tax breaks next year.
An early retirement account withdrawal often triggers taxes and penalties.
Here’s how a tax increase or benefit cut would impact your retirement.
Many doctors assume that once they move overseas, US taxes become simpler. In reality, living abroad can make your tax life way more complex. The post The Expat Doctor’s Common Pitfalls: Why Living Ab...
I always put the maximum amount allowed into my 401K. Now I realize that I will be paying high taxes when I need to take RMDs. Now I realize how much lower my taxes would be if I only lived off of qua...
A $0 state income tax bill doesn’t always mean a cheaper retirement. See which states stretch your dollar further.
Try as we might to be thorough, some things always slip through the cracks. Now, with Tax Day behind us, ... Read more
I have stock in a brokerage account and say it pays a 5k dividend that stays in the account as cash, not reinvested. At the end of the year I know I will get a 1099 DIV and it will count as 5k income ...
Afternoon all - A few days ago, I saw a video from a fianancial consultant who was advocating that if you own a home you should consider selling it when you retire, take the proceeds from the sell and...
Avoid rising IRMAA surcharges and discover how volunteering and part-time work keep more of your Social Security benefits tax-free.
Don't let a Roth conversion backfire. Learn the 3 questions every investor needs to ask about tax brackets, liquidity and asset allocation before making the move.
Talking in depth about index fund investing, and answering listener questions about handling inheritances from your parents and making smart tax moves around withholding, estimated payments, and capit...
I have been toying/hoping to retire in March 2027. My goal has been on my 30th anniversary at my current job. I do have a pension that I could have been taking but I was thinking about it like Social ...
High-income physicians are among the most educated professionals in the country. They’re also, statistically, among the most consistent overpayers of ... Read more
If I understand this correctly, with the upcoming tax deduction in the Big Beautiful (Ugly grrr) Bill, we have a few years where your adjusted gross income may drop you down to a lower tax bracket, or...