Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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Taxes are one of the top three expenses of most retirees, and too many retirees overpay their taxes.Gone are the days when retirement-aged Americans receive tax breaks. Instead, today retirees are likely to face taxes targeted at them. That’s why tax planning, tax management and especially tax diversification should be important parts of your retirement […]
The 2020 election could have a significant effect on your finances over the next few years. There are actions you can take in the last quarter of this year to minimize your taxes now and over the next few years. I rarely write about politics and often caution against making major changes in your finances […]
Taxes, especially income taxes, are one of your largest retirement expenses. Today, we have a unique opportunity to reduce our lifetime income taxes. While federal income tax rates are very low and are likely the lowest they will be for the rest of your life, many of the tax breaks in the 2017 law are […]
Historically low interest rates can generate historic tax benefits. At least one of these tax benefits can be reaped without giving up any cash or property: a charitable contribution of a remainder interest in a home, vacation home, or farm. Ownership of property can be divided into two portions. A lifetime interest, or life estate, […]
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Gold is a hot investment again. We were fortunate to add gold to our portfolios in August 2017. Since then, it’s done well. The price has increased steadily since late 2018, and we increased our allocation earlier this year. Very easy global monetary policy, a lot of geopolitical uncertainty and other factors created strong support […]
Required minimum distributions (RMDs) from IRAs weren’t simplified or changed in the new tax law. Taxpayers ages 70½ and older still have to take these distributions from traditional IRAs and other qualified retirement plans, 401(k)s included, whether they need the money or not. The good news is we still have strategies to simplify RMDs and […]
Sometimes the traditional strategies to reduce estate taxes are not practical or appealing. It might be difficult to give away an asset in increments over the years to make tax-free gifts. Or you might want to retain control of your assets for life. There are a lot of reasons why someone might not want to […]
Most investors overlook an excellent way to earn higher after-tax income to finance their retirements.When “tax-advantaged income” and “retirement” are mentioned together, most people think of tax-exempt bonds or municipal bonds. Most bonds issued by state and local governments pay interest that is exempt from federal income taxes. But that shouldn’t be your only consideration […]