are constantly changing and whatever the rules may be, you have to abide by them!💰

In this episode of , Tom and Kristin discuss to have in place to ensure you have the most plan possible and the three different types of that you may be entering into retirement with.

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starts long before retirement!🥊

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TIMESTAMPS
00:00 Introduction
01:13 The TAX Game
03:58 Three different types of TAX accounts
05:57 Get your FREE TAX analysis
08:40 We are Fiduciaries!
13:30 What to know about Roth IRA’S
17:50 The Widows Penalty
22:29 Myths and confusion surrounding Roth IRA accounts

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Investing involves risk, including the potential loss of principal. Any references to protection, safety, or lifetime income, generally referred to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength claims paying abilities of the issuing carrier. This content is intended for informational & educational purposes only. It is not intended to be used as the sole basis for financial decisions nor should it be construed as advice designed to meet the particular needs of an individual situation. All hypothetical examples are provided for illustrative purposes only; they do not represent real life scenarios. Mosley Insurance & Financial Services nor its agents or representatives may not give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any investment decisions. Our firm is not affiliated with or endorsed by the US government or any governmental agency. Some of the information provided may be from one or more third parties which we believe to be reliable sources, but accuracy and completeness cannot be guaranteed by Mosley Insurance & Financial Services….(read more)

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If you’re nearing retirement or already enjoying the golden years, understanding how taxes work can be a key factor in making the most of your income. In the latest episode of RightOnTheMoney TV, we delve into the topic of winning the tax game in retirement and share some valuable strategies to help you keep more of your hard-earned money.

One of the first things to consider when it comes to taxes in retirement is the different sources of income you may have. This could include social security benefits, pensions, retirement account withdrawals, and investment income. Each of these sources may be taxed differently, and understanding the tax implications of each can help you make informed decisions about how to manage your income in retirement.

For example, social security benefits may be taxable depending on your total income for the year. By managing your other sources of income, you may be able to minimize the taxes on your social security benefits. Additionally, retirement account withdrawals are typically taxed as ordinary income, so carefully planning when and how much to withdraw can help you avoid unnecessary tax burdens.

Another important consideration is the impact of required minimum distributions (RMDs) from traditional retirement accounts. These RMDs begin at age 72 and can significantly increase your taxable income. However, there are strategies to minimize the tax impact of RMDs, such as using qualified charitable distributions or converting traditional IRA funds to Roth accounts.

Furthermore, being aware of potential deductions and credits available to retirees can also help lower your tax bill. For example, medical expenses in retirement can be substantial, and if they exceed a certain percentage of your income, they may be deductible. Additionally, some states offer tax breaks for retirees, such as property tax relief or income tax exemptions.

It’s also crucial to have a solid understanding of estate planning and how it can affect taxes for you and your heirs. Properly structuring your estate can help minimize taxes and ensure that your assets are passed on according to your wishes.

In conclusion, winning the tax game in retirement involves careful planning and a good understanding of the tax implications of various sources of income and retirement accounts. By utilizing tax-efficient strategies and taking advantage of available deductions and credits, you can maximize your retirement income and keep more of your money in your pocket. Be sure to consult with a financial advisor or tax professional to develop a personalized tax strategy tailored to your specific situation. By staying informed and proactive, you can make the most of your retirement and enjoy the fruits of your labor without unnecessary tax burdens.