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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An interview with Dr. Matt Moore to discuss charitable trusts, recent changes affecting charitable giving, and advanced strategies that can help physicians give more efficiently while managing taxes. ...
If you have a pension and $1 million-plus saved, deciding when to take Social Security is about optimizing your taxes, legacy planning and long-term income.
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If you hold money in a non-qualified annuity, the IRS will eventually come calling for its share of any gains. It pays to explore tax efficiency ahead of time.
After working for 27 years for the same organization, I found out in late April that my job was being eliminated as of July 1st (a story for another post) I am 64, divorced with two grown children. My...
Six Essential Tips for Any IRS Letter Before diving into the specifics of the five most common letters, we share six universal tips to ground your response: Don't Panic – IRS notices are routine, and ...
You'd assume retiring with $10 million is a hundred times better than retiring with $100,000. It isn't. And the reason is stranger than you'd think. Because the size of your portfolio barely tells you...
We have recently received inquiries as to how to use Copilot to implement the Actuarial Approach. Copilot can use different data sources to provide reasonable results, but we recommend that you provid...
If you don't pay enough in quarterly estimated taxes, the IRS could penalize you. Here are some ways to reduce those penalty payments. The post Estimated Tax Penalties Aren’t Always Final — Here’s How...
This week Roger breaks down IRMAA Medicare surcharges and why retirees should understand them without letting them dominate retirement planning decisions. He explains how the income thresholds work, c...
I am thinking of rolling my 401K which has a mix of mostly Roth and the company match in pre-tax into my existing Rollover IRA and Roth IRA. It seems like it will be simpler to manage and I will be ab...
Florida is the future retirement home. I’ve called Florida home for almost 50 years. I travel extensively for work and met BF six years ago. BF, future husband, lives in AZ. Plan is to sell both our r...
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Financial Assessment (Meet with an experienced professional): https://bit.ly/PureFreeAssessment 11 rapid-fire spitballs today from Joe Anderson, CFP®, and Big Al Clopine, CPA, on Your Money, Your Weal...
Many retirees are surprised to learn that Medicare isn't always a fixed cost. If your income exceeds certain thresholds, Medicare can charge significantly higher premiums through a little-known rule c...
Many retirement savers will have no trouble choosing between an IRA or a trust. But experts say there are some important factors that add complication to the decision.
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It's important to have perspective throughout life. Preparing for and living in retirement is no exception. In this episode we have a little fun discussing the possible perspectives of “The 5 People Y...
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Americans are working for more companies across their lifetime — and for far longer. That can lead to greater tax liabilities you'll need to plan for.
This week, a simple quote about wasting time sparks a deeper conversation about why retirement isn't meant to be endlessly optimized. In the Retirement Toolbox, we compare mutual funds and ETFs, explo...
How much do you know about the impact on Social Security, taxes and healthcare when you work past retirement age or decide to "unretire"?
Schedule a free financial assessment with an experienced professional at Pure Financial Advsiors: https://purefinancial.com/lp/free-assessment/?utm_source=captivate&utm_medium=podcast&utm_campaign=fre...
Most retirement advice isn't wrong. It's incomplete. And following incomplete advice for 30 years is how people end up financially ready for retirement but completely unprepared to live it. I've seen ...
Your spouse and children could be bumped into higher tax brackets if you leave them a substantial sum in an IRA. Partial Roth conversions now can help.
Effective estate planning is built on proactive "life planning" that manages investments, taxes and long-term care so you're able to leave a lasting legacy.
Business owners should start exit and estate planning years before a potential sale. Waiting until the deal is on the table can cost you millions in taxes.
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...
Like your golden years, RMDs creep up on you quicker than you think. Planning ahead can prevent you (and your heirs) getting hit with penalties and extra taxes.
Hello all, i am still a few years from retirement, but trying to prepare in advance. I have used Boldin to try to figure things out and watched a bunch of videos etc on retirement income etc. however,...
A growing number of Americans are working past retirement age. But what happens to Social Security, tax and healthcare when you keep on working?
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In this week's Ask the Editor Q&A, Joy Taylor answers tax questions on inherited property: gold, stock, real estate, including the tax basis at death.
The 2026 Social Security Trustees Report moves a 22% benefit cut to 2032. The fix is an old idea: tax investment income to retire the program’s legacy debt.
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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.
Financial Assessment (Meet with an experienced professional): https://bit.ly/PureAssessment Free Financial Resources in This Episode: https://bit.ly/ymyw-585 (full show notes & episode transcript) Tod...