Taxes

Tax efficient retirement planning requires thinking ahead. You can strategize your income, investments, and spending to reduce your tax burden.

Make choices to save into the right savings vehicles. Opt for pre-tax savings (traditional, SEP & Simple IRAs, 401ks, 403bs, 457s, 529s, HSAs, etc…) where you don’t pay taxes on the money you invest until you withdraw the funds in the future or after-tax savings (Roth IRAs and 401ks) are when you save money that has already been taxed.

You also want to consider how you can manipulate both income and spending to optimize your tax bracket.

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catch up contributions

A Powerful Retirement Saving Secret: Use Tax Advantaged Catch Up Contributions When Over 50

Catch up contributions are the IRS’s way of making it easier for savers age 50 and up to tuck away enough retirement savings.

November 10, 2022
Qualified Charitable Distribution

How Making a Qualified Charitable Distribution (QCD) Can Save You Tax Money

(QCDs) are a way to help great causes and those in need, but they are also a way to manage your tax exposure and avoid unpleasant surprises. 

October 6, 2022

Avoid Unnecessary Taxation: 7 Easy Sources of Tax-Free Retirement Income

As a lifelong worker who paid their fair share of taxes, make sure you take advantage of these sources of tax-free retirement income.

August 25, 2022

Why a Roth Conversion or Backdoor Roth IRA is a Good Idea Right Now

Doing a Roth conversion — also known as a “backdoor Roth IRA” – is perhaps still appealing in 2022. Why? Low 2022 tax rates. What is a Roth Conversion? Backdoor IRA? A Roth Conversion is when you convert money that you have in a traditional IRA to a Roth IRA. This is sometimes called a…

July 20, 2022
2026 Tax Brackets TCJA expiration

2026 Tax Brackets: Why Your Taxes Are Likely to Increase in 2026 and What to Do About It

Due to the the TCJA expiration, your 2026 tax brackets and rates will rise. Find out why and how to prepare for the increase.

June 30, 2022
roth ira mistakes

15 Mistakes People Make with Roth IRA Savings and Conversions

There are a lot of potential Roth IRA mistakes to be made: 1) Not doing it, 2) Not knowing the rules, 3) Timing, 4) Poor planning, 5) Overlooking spouse… and more!

April 21, 2022
social security and taxes

Taxes on Social Security: Don’t Get Taken for a Wild Ride

Yes. You will likely pay taxes on Social Security. Learn what to expect (federal, state or work) and find a retirement tax calculator! Learn more now…

March 31, 2022
retirement taxes

Retirement Planning and Your Taxes: 24 Tips for Keeping More of Your Own Money

Planning for retirement should involve strategizing to minimize taxes. Explore 24 tips to help you plan, file, and save money.

March 3, 2022
end of year tax tips 2021

11 Year-End Tax Planning Strategies to Keep More 2021 Money and Prepare for Future Wealth

These 11 year-end tax tips for retirement will help you minimize your 2021 taxes and reduce future tax bills.

October 28, 2021

6 Strategies to Manage Required Minimum Distributions (RMDs)

Are RMDs desired income or a cost? Either way, preserve wealth with these 6 strategies for minimizing taxes on your withdrawals.

October 11, 2021

10 Recent Economic Headlines and What They Mean for Your Money (Will Roth Conversions Be Scrapped?)

As summer ends and the economy continues to reopen, there has been a lot of significant economic news. Here are 10 recent headlines and what each of them means for your money. Some of these headlines report on events that have happened. Others are anticipating future events. Each may have a significant impact on your…

September 30, 2021

Podcast: Mike Piper — Social Security and Tax-Efficient Retirement Planning

Steve and Mike discuss Social Security planning, Roth conversions, and retirement account distributions.

September 30, 2021

The Grapes of … Roth Conversion: A Fruitful Strategy for Retirement Wealth

Tax deferred? Tax free? Tax advantaged? It might sometimes feel a bit taxing to think about the tax implications of a Roth conversion. However, it is probably worth your brain power because a Roth conversion can be tremendously beneficial in the right circumstances. What is a Roth Account? A Roth account is a type of…

August 20, 2021
Roth Conversion 2018

Why a Roth Conversion or Backdoor Roth IRA is a Good Idea Right Now

Doing a Roth conversion — also known as a “backdoor Roth IRA” — is perhaps even more appealing in 2018 than ever before. Why? Low 2018 tax rates. What is a Roth Conversion? Backdoor IRA? A Roth Conversion is when you convert money that you have in a traditional IRA to a Roth IRA. This…

August 15, 2021

How to Prepare for the Possible Upcoming Federal Tax Changes

Explore the proposed tax increases on the wealthy and find out what to do about it if you might be at risk of a higher tax burden.

May 6, 2021

Early Retirement Income: 5 Ways to Make Penalty-Free Withdrawals from Your Retirement Accounts BEFORE You Turn 59.5

Early retirement is a dream for many. However, a really early retirement is fairly rare. According to research published on LIMRA, only about 20% of all Americans retire in their 50s or before — with most of those happening after age 55. For those that do retire early, figuring out how to fund expenses can…

February 4, 2021
tax withholding in retirement

How Are Different Retirement Income Sources Taxed? And, How Does Tax Withholding Work in Retirement?

Retirement tax planning is a critical part of preparing for a secure future. The good news is that with so many possible retirement income sources, you have many different opportunities to potentially reduce your tax burden. And, you may even discover that reducing taxes can enable you to retire a little earlier than you might…

October 29, 2020
tax free retirement income

7 Sources of Tax-Free Retirement Income

You’ve worked diligently and paid your taxes along the way. When retirement finally arrives, you deserve to collect at least some tax-free retirement income without Uncle Sam coming back for more. With a bit of strategic planning, it’s possible to enjoy much or even most of your retirement income tax-free. The following seven sources are…

September 18, 2020

The Best Investments for Children and Grandchildren: Consider a 529 Savings Plan

Many grandparents and parents strive to help their children pay for college. But there are smart–and not as smart–ways to assist them. The gratification of being a grandparent can stem from the ability to help shape another generation. Part of this gratification comes from helping grandkids pursue educational goals, including attending college. “We find a lot…

July 2, 2020
retirement withdrawals

How to Manage Retirement Withdrawals to Pay Less in Taxes and Maximize Income

Much has been written about saving and accumulating enough for retirement. But that’s only half the battle. Once you reach retirement, it is important that you manage your retirement withdrawals from various accounts as tax-efficiently as possible. Taxes will likely be one of your biggest expenses in retirement. A tax-efficient withdrawal strategy can be the…

June 30, 2020
403(b)

Is a Tax Sheltered 403(b) Annuity a Good Investment?

If you are an employee at a school, church, hospital, or other non-profit, then you are eligible for a “tax-sheltered annuity,” also known as a 403(b) plan. Don’t work for a nonprofit? Learn more about annuities and how to invest in them in a tax-advantaged way. History Of the 403(b) and Tax Sheltered Annuities The…

June 28, 2020
Net Unrealized Appreciation

Net Unrealized Appreciation (NUA): The Tax Smart Way to Handle Company Stock in a Rollover

If you have company stock in a 401(k), you will want to learn about Net Unrealized Appreciation (NUA) and how to minimize taxes when you rollover these funds to an IRA. Should You Rollover? Once you leave a job, or reach age 59 ½ you have the option to move your 401(k) into an Individual…

June 26, 2020

NewRetirement Planner

Take financial wellness into your own hands and do it yourself retirement planning: easy, comprehensive, reliable.