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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Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/PureFreeAssessment Heidi from the Space Coast of Florida found a money-saving tidbit in a past episode that comple...
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/PureFreeAssessment Joe Anderson, CFP® and Big Al Clopine, CPA spitball for people sitting on life-changing gains w...
The 2026 OASDI Trustees Report was released today. Last month, we estimated that Social Security’s long‑range actuarial balance as of January 1, 2026 would be –4.14% of the present value of taxable pa...
Sometimes people get so excited about Roth accounts that they take it too far. Remember, tax-deferred accounts also have tons of advantages. The post Great Reasons to Have a Tax-Deferred Account appea...
Back story: - 2015 Spouse retired at 65 and receives SS. - 2021 I retired at 64.6 and receive a monthly pension and SS. - Prior to retirement, we were able to save ~300K in cash. ~400K in 401. In 2014...
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...
Most of these tax surprises are avoidable, but many retirees aren't ready for the shift in how and when taxes show up in retirement. These strategies can help.
"Just one more year, to be safe." I've heard that sentence more times than almost any other in my career. One year becomes two, two becomes five. By the time they finally retire, something has shifted...
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.
I have approximately $500,000 in a brokerage account which is comprised of stock that I have held for nearly 25 years. It’s up approximately tenfold from when I acquired it. I’m about to retire and ha...
Norman Calvo explains how he found a third act in retirement by going against the norm and choosing adventure instead of a typical retirement. https://youtu.be/81atmTUjBWE One of the questions I ask p...
Want a powerful small-market prospecting tool? Discover how retirement plan advisors can leverage startup plan tax credits to win new clients and fix a major filing gap.
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.
Age 58, plan to retire at 63. Between retirement and when our pension and Social Security kick in (ages 68 and 70 respectively), I'll have a 5-7 year window where my portfolio needs to cover a signifi...
George and Weezy in the land of Lincoln will have deferred compensation and wonder if they can retire in mid-2026, or even earlier. Will they have enough? Should Jenn in Ohio move with work, take a br...
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...
Tuesday, May 19 - Monday, May 25, 2026 Most Commented score comments title & link 583 558 comments Whoopsies - learnings from regrettable decisions in retirement 94 181 comments Any retirees who plan ...
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.
Paying off your mortgage before retirement sounds responsible. Sometimes it is. Sometimes it quietly costs you the best years of your life. In this episode, James walks through the story of a client w...
Want to give your kids a home down payment? Want to help cover daycare expenses? Instead of writing them a check, transfer appreciated stock into their account.
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.
Too many docs and high-income earners actually think half their money goes to taxes. So, let's talk about effective and marginal tax rates. The post Marginal vs. Effective Tax Rates appeared first on ...
Graduations mark the end and beginning of certain chapters in life. In this episode we explore ways of teaching financial lessons at these important junctures in life. Glenn is available for in person...
If a special needs trust isn't structured correctly, the recipient could lose out on a chunk of money when they need it the most. Here's how to prevent that.
Joe Schmitz Jr. and Jeremy Keil explore the 2% Club of retirees and the unique challenges that come with significant retirement savings and a pension. https://youtu.be/G04JKpKyLJ0 Most retirement conv...
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.
When you're standing at a major financial crossroads, the timing of your decisions can mean the difference between success and failure. Joe Anderson, CFP® and Big Al Clopine, CPA spitball on the "when...
John Q. Taxpayer is in the home stretch of his career, looking for the best way to catch-up and build his tax-free bucket. Meanwhile, a pair of young financial nerds in Omaha are already strong savers...
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 ...
"Mr and Mrs Smith" have nearly $850,000 saved at age 43, but they're very concerned about retirement. "Lucy and Desi" are 58 and 64 with nearly $7 million saved, but they still lie awake wondering if ...
Lucky Lou is 48, burned out and wants to punch at 50. How should he bridge the gap before pensions and Social Security? Joe Anderson, CFP®, and Big Al Clopine, CPA walk through the Rule of 55, 72(t)s,...
Today on Your Money, Your Wealth® podcast 560, Joe Anderson, CFP® and Big Al Clopine, CPA spitball business development company (BDC) funds for Edward in Illinois before diving into buckets of cash, T...
Today on Your Money, Your Wealth® podcast 559 with Joe Anderson, CFP®, and Big Al Clopine, CPA, David wants to know if he and his wife (ages 47 and 53) are actually on track for retirement - without r...
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...
Joe Anderson, CFP® and Big Al Clopine, CPA are defusing some confusing tax time bombs today on Your Money, Your Wealth® podcast number 557. George in Torrance wants to know the smartest way to deal wi...
Joe Anderson, CFP® and Big Al Clopine, CPA spitball Roth conversions, capital gains, and retirement readiness from every angle, today on Your Money, Your Wealth® podcast number 556. Joe Momma from Vir...
Congress continues to increase the tax and estate planning benefits of 529 plans, making them a must-consider tool for parents and grandparents.
Will you owe the Medicare IRMAA surcharge in 2027? Grab your 2025 tax return and check the projected brackets and surcharges for next year.
Most people assume retirement taxes are based on how much they withdraw. The real problem is what the IRS eventually forces them to withdraw. In this episode, James walks through what taxes can actual...
We recently asked ChatGPT two questions about using the Actuarial Approach and its Funded Status metric to evaluate a household’s retirement sustainability. ChatGPT had high praise for the Actuarial A...
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...
In this week's Ask the Editor Q&A, Joy Taylor answers questions on Roth IRAs and the five-year rule, including contributions and conversions.
Hi everyone! My Gen X husband (60M) and I (58F) are considering retirement in the next 12-18 months. We recently met with a fiduciary financial planner. He was a great guy, and we felt a good connecti...
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.
Congress continues to pile Stealth Taxes on taxpayers. Retirees and near-retirees are the taxpayers snared most often by the Stealth Taxes.
This tax-advantage savings account is perfect for students.