Tax
Weekend Reading: Four Threats to the Distribution Phase of Retirement
You may find – like many of the families we meet with – that the distribution phase of retirement is often the most challenging. However, it can be greatly simplified by focusing on a handful of key risks.
Weekend Reading: 4 Financial Worries to Cross Off Your List
Are you overemphasizing any financial concerns before you’ve secured your retirement foundation? With a comprehensive framework, you can put more time and energy toward what is in your control, and focus less on what isn’t.
Weekend Reading: The Big Thing Clients Don't Get About Social Security Spousal Benefits
People mistakenly believe they have a choice between claiming their own benefits or their spousal benefits. However, the reality is that spousal benefits are determined through a multi-part calculation and comparison.
Weekend Reading: An Investing Road Map for Retirees
Your retirement is more than an investment strategy. Guaranteed income is high on the list and taxes shouldn’t be overlooked.
Weekend Reading: Backdoor Roths Are Powerful – If Done Right
While a Roth account is a powerful tool you can leverage to generate tax-free income, it has limitations on funding and participation. As such, this is where a loophole can come into play: The backdoor Roth strategy.
Weekend Reading: Are You Making These 5 Common Portfolio Mistakes?
Ask yourself: Are you making any of these mistakes? Maybe it’s time to step off the sidelines, dig deep into your portfolio and create a greater opportunity to optimize your financial wellbeing.
Weekend Reading: How to Cut Your Social Security Taxes
Much like other forms of retirement income, your Social Security benefits can be taxed (up to 85 percent), depending on if you have additional income sources.
Weekend Reading: What to Do Before the Tax Cuts and Jobs Act Provisions Sunset
If you have yet to put an effective tax plan in place, the clock is ticking! Now is the time to leverage strategies to control future tax liability, while maintaining liquidity throughout your retirement.
Weekend Reading: Here’s The Full Story on Owning Annuities In IRAs
Your decision to buy an annuity through an IRA or a taxable account should ultimately depend on your unique financial circumstances and goals. Either way, it’s crucial you consider the pros and cons first.
Weekend Reading: 8 Things You Need to Know About Taxes Once You Reach Age 65
Ask yourself: Are you checking all the possible boxes to maximize your tax efficiency? Or is it time to roll up your sleeves and do some work?
Weekend Reading: Congress Says You Can Delay IRA Distributions, But it’s a Tax Trap
While SECURE 2.0 allows for delayed RMDs, it may not be in your best interest.
Weekend Reading: Will You Pay Higher Taxes in Retirement?
The combination of RMDs and Social Security income can result in what’s called the "tax torpedo”, but there are ways to help avoid it.