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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.
Catch up contributions are the IRS’s way of making it easier for savers age 50 and up to tuck away enough retirement savings.
(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.
As a lifelong worker who paid their fair share of taxes, make sure you take advantage of these sources of tax-free retirement income.
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…
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…
Planning for retirement should involve strategizing to minimize taxes. Explore 24 tips to help you plan, file, and save money.
These 11 year-end tax tips for retirement will help you minimize your 2021 taxes and reduce future tax bills.
Are RMDs desired income or a cost? Either way, preserve wealth with these 6 strategies for minimizing taxes on your withdrawals.
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.
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…
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.
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…
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…
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…
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…
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