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.

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

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

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 (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