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Retire with $100k Annual Income & Only Pay $2k in Tax!
For many people, the thought of retiring with a comfortable annual income and only having to pay a minimal amount in taxes seems like a dream. However, with careful planning and proper financial strategy, it is possible to achieve this goal.
One of the key ways to accomplish this is through wise investment choices. By diversifying your investment portfolio and taking advantage of tax-advantaged retirement accounts such as IRAs and 401(k)s, you can reduce your tax liability while still generating a substantial income.
Another important factor in achieving a low tax rate in retirement is to utilize tax-efficient investment strategies. This might include investing in municipal bonds, which are typically exempt from federal income taxes, or placing a focus on long-term capital gains, which are taxed at a lower rate than ordinary income.
Furthermore, taking advantage of available tax credits and deductions can significantly reduce your tax burden. This might include credits for retirement savings, medical expenses, or property taxes, as well as deductions for charitable contributions or mortgage interest.
It’s also important to consider the timing of your retirement income. By strategically withdrawing from different sources such as Roth IRAs, traditional IRAs, and taxable accounts, you can minimize your tax liability and maximize your after-tax income.
Finally, consulting with a financial advisor or tax professional can be a valuable resource in developing a tax-efficient retirement plan. They can help you navigate the complex tax laws and identify opportunities to minimize your tax burden.
In conclusion, retiring with a $100k annual income and only paying $2k in tax is certainly an achievable goal with the right financial planning and tax strategies in place. By carefully managing your investments, taking advantage of tax-efficient strategies, and leveraging available tax credits and deductions, you can enjoy a comfortable retirement while minimizing your tax liability.
Hi Josh, $4700 social security a month at 62 being a housewife? Is this a real life scenario?
SS# s are way inflated…. If not show us how.
Good Info…Thanks!
Like your advice, but you need to keep the politics out of it
Best videoThat’s massive honestly for you to be handling that investment, I should be seeing my F/A up in that list soon, well thanks to Vivian Klaine Morgan who through her expertise has made me over 2.6Btc in profits from 2018 till date, having a standard portfolio has built me a solid financial statement investing in multiple stocks with digital currencies, real estate and currency pairs investment. although i still see myself learning lol, I will come for the investment.i will recommend her for any one here, search her name
How is she able to pull $4700/ month in SS?? Way above avg… Especially given she is taking early (62)??
Can you do your white board analysis of this example to show further how this works. I think I am not that dissimilar to your example except I plan to work to age 70 before collecting maximum SS benefit, wife is already collecting SS on her own work history.
A video close to my thing. 2021 last of a 10 year Roth conversion and 1st year for one/only $2K RMD. 2020/21 conversion low enough to stay in the FED 12% bracket – $8K tax. 2022 with total retirement 100K, FED tax estimated (turbo tax 2020 version so the number is possibly lower) $2K. I waited until my 70th year (12 checks instead of 3) for SS, she did restricted application 66-68, then started her own SS – our 2021 SS is almost $64K (and the 2022 COLA on that amount). 2020/21 expense and tax leaves $25K surplus. About 30% of SS on the 1040 income line, 85% in 2018 but dropped each year. My state does not tax SS, $1.1K per year. Mortgage paid off, 1 and 2 year old cars (one paid for, one on 0% loan) – basically no debt. Can be done..
This totally makes sense, but I don’t know how many couples can bring $70k ss income every year. At least not me. My wife didn’t even work enough to get her own ss income. But, both parents worked and can get $70k ss income every year, that will be green. I envy them
ok sergio thanks yes i figured that out afterwards but on tax report he is stil coming up with 25956 so how is he coming up with this figure on tax report
How does she get $4700 in SS if she was a housewife and didn't work much? I'm lost on that
What's most amazing is that Josh knows what the tax codes will be 17+ years from now!
The SS income seems high. Also, the Net Flows for the first 10 years takes a large sum of their money. And yes, I do see where they get it back later when RMD’s kick in.
The social security amount is high because of him waiting to start taking it. Why have a good financial planner in your court is good. Know your expenses and the decision of when you can retire becomes easier.
How is it possible for someone at 62 to receive $4700 / month of social security?
YOUR math is off how does the married couple only pay 25956 out of 70081 of SSI. there provisional income is over 44000. half of 70081 = 35040 plus other income of 32259 (1320+810+30129) = 67299 (35040+ 32259). Thats over 44000 for married couple filing jointly. why are they not paying 85% of the 70081 SSI INCOME which is 59569 not 25956 . how are you coming up with only 25956…???????
Fauci and AOC are a joke. Thugs!!!!
Once again, I married couple.
Great job doing this analysis in inflated dollars! Good way to mislead the gullible!
Find a way or make one! Hooah, 10th Mountain!
Thanks, Josh once again awesome video. Right Capital is a better program. She gets $4700 a month at 62 SSI for a stay-at-home mom? That number seems inflated? I had to watch the video twice.
Why did they get a QBI "QUALIFIED BUSINESS INCOME" deduction on your 2022 tax calc?
Good Job
Just a little while ago you said the we are in stagflation. Why are you using such low inflation numbers?
I talked to a financial planner that used 85% of SS a taxable also. To verify it I went to the IRS website and they have a calculator . The Josh Scanlon method was correct.
Some more number crunching needed.
This could be a case for the husband to start his social security benefit at age 63 this will open the window for the wife to file for a spousal benefit which will be 50% of the the husbands full age 67 benefit .
So on her first year of retirement they will bring in approximately 37k in social security and drawing the remaining 13k from portfolio this will take care of their expenses for the first year with a zero federal tax bill from year one in retirement
How about state and county taxes? Good videos, keep them coming.
Great advice! Happy Thanksgiving tomorrow.
Josh, you mentioned living expenses, housing expenses, and health care expenses; but where are the having fun expenses?
nice video –
Can you explain why only 25k of 70k SS is taxed?