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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Retirement isn't just about playing it safe. It's about having a plan that manages taxes, protects cash flow and keeps your portfolio aligned with your goals.
June 5, 2026 – Almost to the day, today, eight years ago, was my last day at work. One thing I always looked forward to in retirement was never having to pay those dreaded payroll taxes again. Alas, e...
Advisors suggest multiple ways that clients can maximize the triple tax advantages of health savings accounts (HSAs) while avoiding penalties.
Analysis shows that a new tax break designed to help older adults could weaken what is now a key safety net for millions of retirees.
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin's team at https://carrolladvisory.co/podcast1 C...
With more financial pros potentially turning to AI "agents", your private tax data — and nest egg — might be resting on a foundation of unverified code.
An out-of-state property is a great inflation hedge, but the hidden tax hits and landlord headaches might not be worth it. Our retirement advice column answers your questions.
What looked like smart tax planning could become a problem. And not just for you — your kids could inherit a tax bomb. How to head off potential disaster.
A $150,000 gift can cost $360,000 in retirement terms. Here's the opportunity cost math, gift tax rules, and four ways to structure the help. The post What Buying a House for Your Child Costs Your Ret...
Noncitizens don't get the unlimited marital deduction. Learn how the QDOT bridges this gap to defer estate taxes and protect your family's legacy.
Should Al and Peggy in Illinois keep hammering pre-tax retirement savings or should they pivot to post-tax Roth for better tax diversification? Which pension option is best for their early retirement ...
McDreamy Dempsey wants to know if converting to Roth in the 37% tax bracket ever makes sense, and Gary in La Crosse warns Joe Anderson, CFP® and Big Al Clopine, CPA about Roth conversion "lag" and whe...
Will you owe the Medicare IRMAA surcharge in 2027? Grab your 2025 tax return and check the projected brackets and surcharges for next year.
I've know that RMDs can create a bigger tax burden when they start. We have a traditional IRA. I (67) am already taking SS, my husband (69) will be taking it a year from now, and since we'd consider i...
Empower shows you what you own. Boldin models whether it lasts. Here’s how they compare on planning depth, tax strategy, and advisor access. The post Boldin vs. Empower: Which Retirement Planner Is Be...
Turns out, an adviser's long tenure is not a reliable indicator of their true expertise, especially in crucial areas like retirement income and tax planning.
This tax-advantage savings account is perfect for students.
A lesser-known SECURE Act exemption can help families with a child or grandchild who needs support but doesn't qualify for SSI or SSDI save significantly on taxes.
Due to its potential tax efficiencies, direct indexing can make sense for many investors. Here's what to know, including potential downsides. The post Direct Indexing: 3 Great Use Cases for High Net W...
A 401(k) offers several powerful retirement benefits, including tax advantages, employer matching contributions, catch-up contributions, and long-term investment growth. Understanding these benefits o...
Lower tax brackets and a bonus senior deduction may make 2026 a good year for a Roth conversion.
Test your retirement tax knowledge with our short quiz.
Most physicians spend their peak earning years maxing out pre-tax retirement accounts, reducing taxable income, and deferring the tax bill ... Read more
What if the biggest risk to your legacy isn't taxes, but what your heirs do with the money once it's in their hands? Topics covered in this episode: Emotional and psychological triggers behind overspe...
401(k) withdrawal rules determine when you can access your money and what it will cost you. While you can typically withdraw penalty-free after age 59½, earlier withdrawals may trigger taxes and penal...
Trump’s proposed retirement accounts add to Social Security rather than divert payroll taxes. This piece explains the additive design and why it matters.
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. ?Contact Devin's team at https://carrolladvisory.co/podcast1 ...
A mega backdoor Roth IRA allows high-income earners to potentially move tens of thousands of dollars into a tax-free retirement account. This is how it works.
The 90-year-old retirement income program is marred by confusing rules, administrative snafus and uncertainty over what benefit cuts and tax hikes are to come.
Forbes compared nearly 1,000 U.S. locales on everything from housing costs and taxes to healthcare, crime, air quality and natural hazard risk. These are the top 25 spots.
When you leave a job, you have several options for your 401(k), including leave it, roll it over to an IRA or your new 40(k), or cash it out. Each choice has different tax implications and can impact ...
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. ?Contact Devin's team at https://carrolladvisory.co/podcast1 ...
From holding too much cash to failing to factor in taxes, these investment behaviors can hurt more in retirement, when you've less time to recover from mistakes.
Time is a young investor’s greatest asset. Discover how small contributions today can evolve into a tax-free fortune by the time they retire.
The decision to move to a different state should balance financial issues with the lifestyle you want, rather than simply choosing a low-income-tax state.
401(k) mistakes aren’t just about saving too little – they’re also about poor planning. Common issues like tax-heavy accounts, lack of diversification, and early withdrawals can reduce your retirement...
Kevin asks about using leveraged ETFs (2x and 3x return) for his retirement savings. LEverage Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John...
Ann asks about making qualified charitable distributions from her 457 plan. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their ind...
Higher-income earners must make 401(k) catch-up contributions with after-tax dollars and place them in a Roth account.
Investors with slightly higher incomes will quality for retirement savings tax breaks next year.
An early retirement account withdrawal often triggers taxes and penalties.
Here’s how a tax increase or benefit cut would impact your retirement.
Don't let a Roth conversion backfire. Learn the 3 questions every investor needs to ask about tax brackets, liquidity and asset allocation before making the move.
Talking in depth about index fund investing, and answering listener questions about handling inheritances from your parents and making smart tax moves around withholding, estimated payments, and capit...
If I understand this correctly, with the upcoming tax deduction in the Big Beautiful (Ugly grrr) Bill, we have a few years where your adjusted gross income may drop you down to a lower tax bracket, or...
From "tax traps" to "safety deposit box blunders," discover the 10 most common mistakes people make when planning their estate.
Answering listener questions about how they can make smarter use of Roth accounts and tax-efficient retirement strategies and how they can think about reducing future RMDs. The post Roth Conversions f...
Looking for a great retirement destination? Oregon has no sales tax, no state tax on your Social Security, highly rated health care and a temperate climate.
Robert Skinner II emphasizes high-conviction investing, tax efficiency and disciplined decision-making during volatile markets.
Instead of treating your Roth IRA as "the best account" for everything, consider keeping these seven assets in accounts with better tax benefits or flexibility.