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 episode, we tackle Kay's questions about managing her IRA and Roth accounts in retirement. With significant assets, no LTC insurance, and children in differing financial circumstances, Kay wan...
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Financial planning often feels like a numbers game—follow the math, and you'll make the best decisions, right? But what happens when the spreadsheet says one thing, and your peace of mind says a...
Today, we tackle a question many retirees face: Can you manage your taxes with DIY software like TurboTax, or is it time to bring in a professional? We'll explore the challenges of navigating tax comp...
Daryl wants a simple explanation of why Health Savings Accounts matter and what makes them such a powerful retirement planning tool. Although this show does not provide specific tax, legal, or financi...
John asks if taking larger IRA withdrawals beyond his RMD to fund his daughter's Roth IRA makes sense as a strategy to reduce future RMDs, lower estate taxes, and pass on tax-free assets. Although thi...
Many retirees think they have a plan when what they really have is an investment pitch dressed up as planning. This episode uncovers why that illusion is dangerous, the costly mistakes it hides, and h...
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So far in 2025, early Social Security filings have jumped dramatically compared to last year. Nearly half of those filing early say they're doing so because they're worried about cuts. But will filing...
When should you claim Social Security? For high-net-worth retirees, this is not a simple decision. In this episode, we explain why Social Security is not just a monthly check but a strategic part of a...
For many affluent retirees, the biggest financial fear isn't market volatility or rising taxes. It's this simple question: What happens if I'm not the one here to manage the plan? In this episode, we ...
Should everyday investors be allowed to hold private equity, venture capital, or even crypto in their 401(k)s? A new executive order suggests it might soon be possible. In this episode, we walk throug...
You've done the hard work. You saved consistently, built a seven-figure portfolio, and are ready to enjoy retirement. But even millionaire retirees can make mistakes that put their plans at risk. In t...
My wife and I plan to retire at the end of 2028. While we both have good paying jobs now, for most of our adult lives, we've been barely making it - raising children and living paycheck to paycheck. O...
FROM THE ARTICLE. 6 Big Social Security Changes for 2026. COLA increase, higher Medicare costs and a new tax break will affect beneficiaries’ bottom lines in the year to come. By Deirdre Shesgre...
The Social Security Administration has announced significant changes affecting millions as we approach a new year....
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A sizable nest egg is a good start, but your plan should include two to five years of basic expenses in conservative, liquid accounts as a buffer against market volatility, inflation and taxes....
Retiring early isn’t just about having enough money, it’s about using the right tax moves in the right years. This conversation between James and Ari maps the three biggest levers for earl...
Social Security tax will be imposed on up to $184,500 of earnings. Average benefits will rise $56 a month, but Medicare Part B premium hikes will eat up part of that....
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Tax planning often slips to the bottom of our financial to-do lists—until a surprise bill or missed opportunity crops up. But behind the scenes, the right process for an ongoing tax strategy can...
Answering listeners' tax questions, including a talk about mitigating capital gains taxes when selling stocks and a discussion about how to simplify your portfolio when moving away from individual sto...
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In this week's Ask the Editor Q&A, Joy Taylor answers more questions about the use of qualified charitable distributions (QCDs) in end-of-year tax planning....
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Winning the lottery may be rare, but estate tax mistakes aren’t. In this episode, we use the recent $1.8 billion Powerball jackpot to highlight how generational wealth can be eroded by estate ta...
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Looking to see people’s experiences and actions in retirement accounts withdrawals and managing tax rate brackets when working and retirement. How do you manage accounts withdrawals and SS incom...
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SHOW NOTES In this episode, we tackle the often-overlooked topic of taxes in retirement with expert Erin Coe, an enrolled agent. Discover how to avoid unexpected penalties and interest on your IRA dis...
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Have you been a good saver? Is a big part of your retirement savings in an IRA or 401K? Saving money in one of these tax-deferred retirement accounts seems like…...
Every time Congress rewrites the tax code, the changes often ripple out under the radar. This has not been the ... Read more...