If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA...
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting...
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially...
With the dawn of 2019 on the near horizon, there are many items that you need to take care of before the end of 2018. here’s a quick list of tax and financial to-dos you should address before the end of the year. Check your FSA balance. If you have a Flexible Spending...
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision, because the total cost of state income taxes, local property taxes, sales taxes, and other taxes can be a major...
The pros and cons of Roth IRAs, which were introduced 20 years ago, are well understood. All money flowing into a Roth IRA is after-tax, so there is no upfront tax benefit. As a tradeoff, all qualified Roth IRA distributions can be tax-free, including the parts of the...
Our last article discussed year-end tax retirement tax planning for individuals participating in their employer’s 401(k) plans. This article will focus on individuals over age 59½ with large traditional IRA balances. Required Minimum Distributions IRA owners also have...
If your company sponsors a 401(k) plan, your employer may offer a match. Make certain that you are contributing at least enough in 2017 to get the full match. Remember, your full match is essentially free money. The same is true when you are setting up your 2018...
Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that...
A staple in retirement planning is the search for your number. That is, how much money do you need to accumulate in savings and investment accounts so you can afford to stop working? Life expectancy is increasing, so the amount you have when you retire might have to...
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