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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I’d be interested to hear from those that have investments that pay close to or over the 400% poverty level and how do you manage things for Healthcare each year? I’m trying to not suck all my savings...
Jeremy Keil explains how 5 smart moves could impact your ability to claim $180,000 or more as a couple in Social Security. If you’re about to file for Social Security, there’s a real possibility you c...
Incorporating housing wealth and lifetime annuities in your retirement income plan can offer a significant tax-cost advantage over an investment-only plan.
Saving into Roth instead of traditional accounts to bring down required minimum distributions in retirement, and whether retiring early is in the cards: that's today on Your Money, Your Wealth® podcas...
Every year or two, the market hands you a gift wrapped in anxiety. You watch your portfolio bleed, you refresh your brokerage app more than you should, and you feel helpless. But when you have childre...
Chris Orestis, founder & president of Retirement Genius, answers the question: “Is Social Security going bankrupt?” “If we don’t address the financial shortfall… it would trigger an immediate 20% or g...
Dr. Wade Pfau explains four ways to beat sequence of return risk and turn your retirement savings into retirement income. For most of your working life, retirement planning feels relatively straightfo...
Chris Orestis, founder & president of Retirement Genius, explains how to make more informed Social Security decisions. Social Security is one of the most important decisions in retirement. And yet, ma...
Hello. I (59F) have been trying to plan to retire early-ish for years. I would like to very much soon. I have tried to make my plans generally as fitting the circumstance at the time only to have the ...
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...
Unless you're listening to this while flying in your own Gulfstream, federal estate taxes probably aren't something you need to worry about. In 2026, they only apply to estates over $15 million, or $3...
You’ve done everything right. You saved consistently. You built a portfolio. You figured it out on your own. So why would you ever need a financial advisor now. That question makes sense. And for many...
You can do everything right and still feel stuck. Save aggressively. Max out your 401k. Build a large portfolio. And then one day realize you can’t actually use it when you want to. In this episode, J...
As you get close to retirement, something unexpected starts to happen. The math looks good. The plan works. And yet, you hesitate. In this episode, James Conole explores the quiet mental traps that sh...
One of the biggest fears people carry into retirement is running out of money. But for many retirees, the greater risk is something else entirely. Running out of time. In this episode, James Conole, C...
It's "a tradition unlike any other." The $1.50 pimento cheese sandwich. Every year at the Masters, you'll hear TV commentators wax nostalgic about what makes the world's most famous golf tournament un...
Higher-income earners must make 401(k) catch-up contributions with after-tax dollars and place them in a Roth account.
Most people don’t know about these tax perks for retirement savers.
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.
Many doctors assume that once they move overseas, US taxes become simpler. In reality, living abroad can make your tax life way more complex. The post The Expat Doctor’s Common Pitfalls: Why Living Ab...
I always put the maximum amount allowed into my 401K. Now I realize that I will be paying high taxes when I need to take RMDs. Now I realize how much lower my taxes would be if I only lived off of qua...
A $0 state income tax bill doesn’t always mean a cheaper retirement. See which states stretch your dollar further.
Try as we might to be thorough, some things always slip through the cracks. Now, with Tax Day behind us, ... Read more
I have stock in a brokerage account and say it pays a 5k dividend that stays in the account as cash, not reinvested. At the end of the year I know I will get a 1099 DIV and it will count as 5k income ...
Afternoon all - A few days ago, I saw a video from a fianancial consultant who was advocating that if you own a home you should consider selling it when you retire, take the proceeds from the sell and...
Avoid rising IRMAA surcharges and discover how volunteering and part-time work keep more of your Social Security benefits tax-free.
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...
I have been toying/hoping to retire in March 2027. My goal has been on my 30th anniversary at my current job. I do have a pension that I could have been taking but I was thinking about it like Social ...
High-income physicians are among the most educated professionals in the country. They’re also, statistically, among the most consistent overpayers of ... Read more
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...
In this episode, Roger Whitney breaks down essential elements you need to consider before and during retirement. From understanding inflation risks to strategic asset reallocation, this episode offers...
Joe Anderson, CFP® and Big Al Clopine, CPA spitball on whether a popular early retirement strategy could actually blow up your financial plan, today on Your Money, Your Wealth® podcast number 577. Red...
From "tax traps" to "safety deposit box blunders," discover the 10 most common mistakes people make when planning their estate.
We’ve all read the research about the “Go-go, slow-go and no-go” periods of retirement and decreased real-dollar spending as we age, but contrary to observed research, most decumulation strategies tod...
This post is a follow-up to our post of July 2, 2025. In that post, we talked about the possibility of future Social Security benefit cuts and how you can use the Actuarial Financial Planner to estima...
[Long] This might be one of those “Shut up, good problem to have” things, but I honestly don’t have a grip on it. I’ve been retired for 2.5 years and in 6 months, I’ll claim Social Security when I hit...
Paying taxes in retirement means managing income streams, quarterly deadlines, and the IRS safe harbor, without an employer doing it for you. The post How to Pay Taxes in Retirement and Avoid IRS Pena...
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.
I just turned 65 so I will not have to start taking RMDs until I'm 75. Since IRMAA is based on income from 2 years prior, that means I won't get hit with IRMAA until I'm 77 (2 years after my RMDs star...
Robert Skinner II emphasizes high-conviction investing, tax efficiency and disciplined decision-making during volatile markets.
Are Roth conversions worth it? We'll find out, today on Your Money, Your Wealth® podcast number 576. TJ in PA is gonna have huge capital gains. Joe and Big Al spitball on whether it's worth it for him...
Your tax refund can be more than extra spending money. Using it strategically – such as boosting retirement savings, paying down debt, or building an emergency fund – may strengthen your long-term fin...
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.
Learn how CalSavers applies to California workers and employers, including automatic Roth IRA enrollment, payroll deductions, and benefits. The post How CalSavers Works: What California Workers and Em...