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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Hi, I am 60yo married looking to retire within the next couple of years. My house is paid off and per Zillow would likely sell for around $1M. I live in Seattle. I had a recent realization that I coul...
Don't get hit with a higher tax bill just when you've lost your spouse. You can deal with it once the worst has happened, but it's far better to plan ahead.
Taking action in areas like tax efficiency and estate organization can help you secure your future while also allowing you the freedom to enjoy your savings.
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A custodial Roth IRA lets parents help a child with earned income start building long-term wealth. By starting early, children gain decades of potential tax-free growth while learning the value of sav...
Schedule a Free Financial Assessment with an experienced professional: https://purefinancial.com/lp/free-assessment/?utm_source=captivate&utm_medium=podcast&utm_campaign=free-assessment&utm_content=ym...
Early versions of the WISH Act would cost about $200 billion, equal to a payroll tax rate of 1.7%. But with tweaks, WISH could come in at around half its initial cost.
It usually is not a good idea to name a trust as an IRA beneficiary, because heirs often are penalized with higher taxes. There are a few exceptions to the general rule.
Free retirement training for people within 10 years of retirement and $1M+ saved. Watch “The Sequoia System Training” here: https://youtu.be/7lpp3XXiDyQ ======================= Two people retire on th...
$1,440,000 sounds like the finish line. For a lot of people it's actually where a brand new problem starts, one nobody warns you about before you get there. I've sat across the table from hundreds of ...
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Roth conversions sound like a no-brainer — pay more tax now to pay less in future. But you need to understand your tax bracket to make sure they'll work for you.
Plus: Caring for parents, taxing billionaires, buy-sell planning for business owners, LeBron’s move to Philly, tax trivia, and more.
The retirees who enjoy the lowest tax bills in retirement aren't those who earned the least — they're the ones who plan ahead for their retirement income.
It's pretty common for retirees to try to measure how they're doing or how they've done so far in their life's journey. There are many ways to measure success and on this episode we discuss how someti...
This tax calculator is purpose-made for retirees. It covers everything relevant to retirees for 2026. It will be updated to include 2027 tax year shortly. Learn the Nuts and Bolts I put everything I u...
When thinking about where to retire, most seniors don’t think about fraud risks. But fraud is a growing threat to retirement security.
Recently, I shared a sample budget of a family of four earning $408,000 a year on Twitter, the amount third-party data deems necessary to feel comfortable in San Francisco. To be clear, this wasn't my...
Delaware Statutory Trusts (DSTs) can keep capital gains taxes at bay when your children inherit your property. But you need to handle them smartly.
Inheriting money sets off 3 things fast: taxes, timing rules, and decisions people rush into. Here’s what to expect. The post What Happens When You Inherit Money? First Steps to Know appeared first on...
How do you know when it's worth optimizing your retirement plan and when it's better to keep things simple? This week, Roger answers a listener question by exploring Aristotle's concept of the "golden...
Income from multiple sources such as pretax accounts and Social Security can result in a tax bill that might surprise you … and not in a good way.
Schedule a Free Financial Assessment with an experienced professional: https://purefinancial.com/lp/free-assessment/?utm_source=captivate&utm_medium=podcast&utm_campaign=free-assessment&utm_content=ym...
By focusing on a "preservation mindset" that balances reliable income, smart tax planning and market protection, you can build a financial strategy to help your money last as long as you do.
Some may sound like myths, but these unique tax write-offs can be approved under strict IRS medical guidelines — provided you have the right paperwork.
Before you touch your retirement fund, consider how taxes and financial aid rules change the math. In this week's Wealth Wise column, we break down the right choice.
Significant expenses, such as payroll taxes, often disappear the day you retire, so you probably won't need to replace as much of your salary as you thought.
I've sat with 100 retirees, and the biggest regret almost never has anything to do with a bad investment. It's something I call the momentum trap. At 62, every single signal tells you to keep going, a...
This practical guide can help you manage money as you age, from emergency funds and retirement savings to healthcare, taxes and long-term planning.
Benefits could rise in 2027, but Social Security’s worsening finances may eventually mean higher taxes, later retirement or smaller checks.
If you could do a Roth conversion at a discount (pay less in tax than you would expect), would it be a more attractive play to you? The post Do a Roth Conversion at a Discount appeared first on The Wh...
Elizabeth Warren and Bernie Moreno back a broader Social Security tax base as 2032 benefit cuts loom, including taxes on capital gains, dividends and investment earnings.
This article originally appeared on Humble Dollar. John Urban is the founder of RetireSmartIRA, a retirement tax-planning app. Earlier, he ... Read more
A Roth conversion is a powerful tax-saving tool, but there are several situations where taking that leap might actually cost you more in the long run.
Roth vs. Traditional is a tax‑timing decision: pay tax now or later. Roth suits low‑bracket earners; Traditional helps high‑bracket savers; late‑career planning favors strategic conversions. Blending ...
This week Roger explains why rebalancing is one of the most important disciplines in retirement planning. In the Retirement Toolkit, he explores the difference between a traditional investment allocat...
The OBBBA set some "tax traps" that target some of the executive suite's financial perks. Here's how you can dodge those sneaky ambushes.
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/YMYWassessC Today on Your Money, Your Wealth® podcast 590, Joe Anderson, CFP® and Big Al Clopine, CPA spitball for...
Your decision will depend on several factors, such as your interest rate, the tax impact, your available deductions and your cash flow situation.
I've got a decent chunk saved for retirement (to the point where I'm beginning to back off on contributions a bit), but I'm still a few years out, so I have some time to make some adjustments. What ar...
The Billionaire tax retirement security fight is about Medi-Cal, Medicaid spend-down, and who pays when middle-class families need long-term care.
You can hit your number, be fully financially ready, hand in your notice, and still end up miserable. Or worse, running out of money. In 15 years as a retirement advisor, I've watched it happen again ...
Relocating to a tax-free state like Florida or Texas seems like a good idea, but unexpected expenses add up fast. Here is how to ensure your retirement move doesn't break the bank.
Worried about rising rates? Here’s how to avoid a bigger bill after you stop working.
At face-value, HSAs are for short-term medical expenses, but advisors suggest paying out of pocket to maximize HSA funds for investing and tax-free growth.
See average IRA balances by age for 2026, based on IRS tax data covering 71 million account holders, plus what the averages leave out. The post Average IRA Balance by Age in 2026: How Do You Compare? ...
Beyond the free $1,000, funding a Trump Account can leave your child with less post-tax than a brokerage account, unless you get the Roth conversion right. The post A Trump Account Can Leave Your Kid ...
If you have a high net worth, you need the kind of estate planning that navigates complex tax landscapes to ensure you pass on the maximum amount of wealth.
At face-value, HSAs are for short-term medical expenses, but advisors suggest paying out of pocket to maximize HSA funds for investing and tax-free growth.
This week Roger talks about one of the biggest challenges retirees face today: information overload. He explains why more information doesn't always lead to better decisions and why building a great r...