Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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7 Ways to Tax-Free Assets and Income
Tax increases probably are coming. Even if Congress doesn’t agree on substantial increases this year, they’re coming. The 2017 tax law is scheduled to expire after 2025. The pre-2018 tax law will be re-instated automatically unless Congress agrees to something else. Plus, the trillions of dollars added to the national debt the last few years […]
Are You Using the Wrong Tax Rate in Your Retirement Planning?
[Publisher Note: You’ll notice at the end of today’s story a link – and a very important one, at that. On this page is a special rebroadcast of Monday’s Retirement Watch member conference call… in which Bob and special guest David Phillips predict what Congress will do in 2022 and what it could mean for […]
Many People Use the Wrong Tax Rate in Their Retirement Planning
Many people do their tax planning wrong and give the IRS more money than they truly need to pay. Often, that’s because they use the wrong tax rate in their planning. Determining the right tax rate to use can be especially tricky for retirees and near-retirees. Most people consider their tax rate to be the […]
New Tax Rule #1: Say Good-Bye to Tax Deferral
It is hard to abandon longstanding rules of thumb. But sometimes, circumstances change, and it’s necessary to change our thinking if we want to maximize after-tax wealth. Perhaps the oldest rule in the tax-planning book is to defer taxes whenever possible. “Don’t pay a tax until you have to” is one of the first planning […]
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The Legacy Benefits of Health Savings Accounts
The main benefits of health savings accounts (HSAs) are delivered during your lifetime, as I discussed in last month’s issue. Another benefit is that an HSA also can build a legacy, so it should be carefully considered as part of your estate plan. An HSA is not a use-it-or-lose-it account. You can name a beneficiary […]
When You Can Take Tax Breaks for Long-Term Care Expenses
Long-term care costs you less when all or part of the expenses are tax deductible. Know the rules about deducting long-term care (LTC) expenses and your out-of-pocket cost of providing care for yourself or family members could be reduced. LTC expenses are tax deductible only when they aren’t reimbursed by insurance or other sources. To […]
The Seven Best 2021 Tax-Saving Ideas for Retirees and Pre-Retirees
One of the great myths about retirement is that your taxes and tax rates are likely to decline after you retire. For many people, taxes and tax rates either stay the same or increase in retirement. Higher taxes for retirees are more likely to occur in the coming years because leaders in the nation’s capital […]
How To Avoid the ‘Double Tax’ on Your Retirement Benefits
As you know, IRAs and other retirement plans are included in the estate of the owner… And subject to federal estate taxes — when the estate is valuable enough. Here’s what many people don’t know: Unlike other assets, the tax basis of IRAs is not increased to current fair market value by those who inherit […]
