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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.
Get a guided walk through of the new Roth functionality and get tips for making the most of the tool. Plus explore all the ways we help you make better decisions about conversions and tax deferred savings.
Roth conversions are a hot topic. Let’s make sure that the basics are covered: Find out what they are, how they work, and when or how to use them.
Planning for the future should involve strategizing to minimize taxes. Explore 25 tips to help you plan, do retirement tax filings, and save money.
Retiring before 59.5? Discover how to make penalty free withdrawals from your retirement accounts to help fund your early retirement.
Professor Malkiel discusses the latest edition of his legendary book and some of the biggest lessons from his own life.
See the impact of new 2023 and 2033 RMD ages on your projected retirement plans. Your taxes, income, and Roth strategies may have changed.
There are big retirement planning changes with passage of the Omnibus Spending Bill, including the SECURE Act 2.0. See how you are impacted.
(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.
Are RMDs desired income or a cost? Either way, preserve wealth with these 6 strategies for minimizing taxes on your withdrawals.
Doing a Roth conversion — also known as a “backdoor Roth IRA” – is perhaps still appealing in 2023. Why? Low 2023 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…
These 12 year-end tax tips for retirement will help you minimize your 2022 taxes and reduce future tax bills.
Catch up contributions are the IRS’s way of making it easier for savers age 50 and up to tuck away enough retirement savings.
As a lifelong worker who paid their fair share of taxes, make sure you take advantage of these sources of tax-free retirement income.
Due to the the TCJA expiration, your 2026 tax brackets and rates will rise. Find out why and how to prepare for the increase.
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!
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…
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…
Steve and Mike discuss Social Security planning, Roth conversions, and retirement account distributions.
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…
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.
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…
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…
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…
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…
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