Navigating the Complexities of Retiree Taxes
The Unpleasant Surprise of Increased Medicare Premiums
Tax Torpedoes: The Hidden Dangers for Retirees
Strategies to Minimize Taxes in Retirement
Delaying Spending and Utilizing After-tax Accounts
Planning Ahead to Avoid Tax Bracket Pitfalls
Required Minimum Distributions and Their Impact
Suspension of RMDs in 2020 Due to the CARES Act
Preparing for the Return of RMDs in 2021
Implementing Tax-Efficient Retirement Strategies
Utilizing Qualified Charitable Distributions
Converting Tax-deferred Money to Roth IRAs
A Case Study in Avoiding Tax Hits
Another story of a tax hit that was avoided: a man with an income of about $80,000 prepared to take $4,000 from a tax-deferred account for a vacation. The couple’s normal top tax bracket was 12%, but they hit the income limit on Social Security taxes. The $4,000 in additional income would have caused $3,400 in Social Security income to be taxed, making his marginal tax rate 22.2% instead of 12%. With the help of a good advisor, the couple instead took $3,000 from a Roth IRA and sold a stock position for $1,000, where there were practically no capital gains generated.
Incomes at all levels can be hit by these tax and Medicare torpedoes. A skilled advisor can help protect your retirement and Social Security funds.
Estate Planning Legacy Planner
Everyday, we work with people who have lost someone they care about. There is so much these folks have to organize and manage. This planner organizes the information they will most need, in our experience, saving so much time and unnecessary cost. Besides organizing your information, it's so important to have a good estate plan that will keep your family out of court and conflict.
Please use the button below to receive a free copy of our Estate Planning Legacy Planner, an organization tool essential to any estate plan designed to help your loved ones take care of you and handle your affairs.