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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How can you give stock worth millions to a loved one without giving them a huge capital gains tax bill? This family's financial adviser provided the answer.
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As the year comes to a close, Roger Whitney reflects on the power of words, walks through an important year-end tax planning reminder for retirees, shares listener stories and perspectives, and invite...
A one-time billionaire wealth tax won’t trigger an exodus—decades of economic evidence show that exit is rare.
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Jeremy Keil explains the top 3 tax efficient strategies for charitable giving in 2025. Most people give to charity because it’s meaningful to them — not because of the tax break. And that’s the right ...
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For most people, taxes feel like a problem for “future-you.” So, the idea of voluntarily paying taxes today can feel counterintuitive. Yet this is exactly the decision behind a Roth conversion, and it...
? Show Notes In this episode, Roger Whitney kicks off a month-long series on year-end planning for retirement. He shares insights on tax loss harvesting, a technique that can help you minimize capital...
What if the biggest opportunity to grow your retirement savings has nothing to do with chasing the next big investment and everything to do with taxes? In this episode, Ryan…
A year-end personal finance guide covering RMD deadlines, Roth conversions, HSA, contribution strategies, and key tax-saving steps to complete by December 31.
A recording from Andre Nader and Brent Sullivan's live video...
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Most folks know Florida is a tax-friendly state, but they might not know that part-time residents may not qualify, as our cautionary tale shows....
Should the new temporary senior tax deduction change your Roth conversion strategy? Joe and Big Al spitball for Chris in Maple Grove, Minnesota, who wonders whether to keep converting to Roth now that...
Tax planning often slips to the bottom of our financial to-do lists—until a surprise bill or missed opportunity crops up. But behind the scenes, the right process for an ongoing tax strategy can...
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In this special episode, we catch up on a backlog of insightful listener questions—covering everything from estate planning and Social Security taxation to Roth conversions and Medicare rules. I...
In this episode, we cover key tax considerations around wealth transfer. We cover the differences between federal estate tax and state inheritance tax, and explain why the stepped-up basis is such a p...
This week, we're diving into a question about the tax treatment of Special Needs Trusts. There are two types—First-Party and Third-Party trusts—but how does each one affect taxes? We'll br...
In this episode, we tackle Kay's questions about managing her IRA and Roth accounts in retirement. With significant assets, no LTC insurance, and children in differing financial circumstances, Kay wan...
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Social Security tax will be imposed on up to $184,500 of earnings. Average benefits will rise $56 a month, but Medicare Part B premium hikes will eat up part of that....
Change is in the air every fall – not just in the leaves and weather, but in your financial planning. At this time of year, the federal government announces some important rate adjustments that ...
Tax planning often slips to the bottom of our financial to-do lists—until a surprise bill or missed opportunity crops up. But behind the scenes, the right process for an ongoing tax strategy can...
Answering listeners' tax questions, including a talk about mitigating capital gains taxes when selling stocks and a discussion about how to simplify your portfolio when moving away from individual sto...
We asked financial experts for advice....
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In this week's Ask the Editor Q&A, Joy Taylor answers more questions about the use of qualified charitable distributions (QCDs) in end-of-year tax planning....
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