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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Roger Whitney continues the decluttering series by focusing on the hidden challenges that keep people stuck. Rather than treating decluttering as a massive life overhaul, he explains how perfectionism...
Jesse Cramer and Jeremy Keil detail 7 real world lessons learned from working with hundreds of retirees. There’s a big difference between studying retirement… …and actually sitting across the table fr...
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...
Holding a significant portion of your wealth in one or a handful of individual stocks can be both exhilarating and nerve-wracking. While the rewards of watching a single company's meteoric rise can be...
Lower tax brackets and a bonus senior deduction may make 2026 a good year for a Roth conversion.
You may think you'll pay less in taxes once you retire, but taxable withdrawals and Social Security can keep your tax bill as high as it was during your career.
Retiring at 60 feels like a clean plan. Work ends, savings take over, and Social Security fills the gap later. What most people do not realize is that decision has already changed their benefit. In th...
The 2026 OASDI Trustees Report is expected to be issued in the near future. Last year, the 2025 report was released in June. Like we did last year, we will take a shot at predicting this year’s 75-yea...
Test your retirement tax knowledge with our short quiz.
Should I just rent furnished places in both location for six months each? I don’t want to buy, leaving a property for six months at a time. I want to be in climate that allows me to be outside enjoyin...
In this week's Ask the Editor Q&A, Joy Taylor answers questions on available tax breaks for retirees with a side hustle.
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...
Some employers are suspending or scaling back retirement contributions, leaving workers with new questions about savings, taxes, and long-term planning.
The place I work allows you to accumulate your vacation time up to what you earn for two years. In other words, if you get 24 days a year, you can accumulate 50. Many soon-to-be retirees here will use...
Should we sign up for a Health Savings Account (HSA) and embrace even more healthcare paperwork? We'd rather plan vacations than track receipts.
Diligent savers who take steps to capitalize on these tax-saving opportunities can keep more of their wealth and even help build a tax-efficient legacy.
Jeremy Keil walks through three critical questions future retirees can answer before their paycheck stops Most people spend decades preparing for retirement by focusing on one number: How much have I ...
June in Washington State is 62 with $2.5 million saved and a $350,000 pension on the table. Should she take the lump sum or the monthly check for life? Spoiler alert: there's a 3-to-1 vote in the stud...
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.
I have enough money in my retirement accounts and 401ks I think for the rest of my life. My question is this should I take the lump sum for the pension or monthly payments. There is no Cola. My inclin...
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 big single-stock win can feel like freedom one day and a tightrope the next. This plan walks through how a family holding ~$15M in NVIDIA shares can turn concentrated success into stable, low-stress...
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.
I 60F wish to retire sometime this year. I have the financial ability but have some complex moving parts. Under consideration is using some Roth money to keep my MAGI low enough to get an ACA premium ...
Tuesday, April 28 - Monday, May 04, 2026 Top Comments score comment 19 /u/SageCactus said I'm retired, and make way, way over the poverty limit. Healthcare is just a large expense. Just budget for it....
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.
Often times retirees like to stay busy with a “Side Gig”. In this episode we delve into a number of ways retirees sometimes continue to work either part time or for a limited period of time in their e...
In this post, we discuss how you can use the Actuarial Approach and its funded status metric to help you feel more confident about your spending plan in retirement. It is a follow-up to our post of Ja...
Predicting the future of DIY taxes for tech workers
(No, not the go-go, slo-go, no-go adage) I just got my letter from Social Security saying, it’s time, bud, apply to claim your benefits. I’ll be 70 in a few months. For the last 2.5 years, my wife and...
Today on Your Money, Your Wealth® podcast number 580, Joe Anderson, CFP®, and Big Al Clopine, CPA, are spitballing for some folks who've done the work, hit the numbers, but aren’t sure if they can rea...
University and college towns offer a mix of cultural activity and healthcare access that appeals to some retirees. But the tax tradeoffs vary significantly depending on where you land.
Tax law changes might be confusing, but there are still ways to be generous without sacrificing financial security. A donor-advised fund is a place to start.
Author, podcaster and financial advisor Tyson Ray explains the importance of knowing your financial advisor’s succession plan and what happens to you when they retire. “If something happens to you, wh...
We are hoping to retire in next 2-3 years. We met and married in San Francisco and loved that urban vibe when we were young. Kids came along and we relocated to Roswell GA just outside of Atlanta in t...
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.
We cover 8 creative tax strategies, plus the retirement planning approach that can save you more money. The post Creative Tax Planning: 8 Unusual Strategies — and What Works Better appeared first on B...
Most people think deciding when to take Social Security is a math problem. Run the numbers. Find the breakeven age. Pick 62, 67, or 70. Done. But that approach misses the point. This is not a math dec...
In this week's Ask the Editor Q&A, Joy Taylor answers questions on inherited IRAs and the 10-year cleanout rule for non-spousal IRAs inherited after 2019
Are you actually better off getting a tax refund, or is your brain tricking you into celebrating a financial loss? Topics covered in this episode: Tax refunds vs. tax liability: what actually matters ...
I’m just not a sit-around-the-house kind of guy, never have been. I also think it’s a blast to learn something new, especially under the eye of someone who really knows what they’re doing. And so I kn...
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.