TAXES! Watch this to Pay No or Low Taxes in Retirement
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- čas přidán 25. 09. 2021
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Our Rich Journey - TAXES! Watch this to Pay No or Low Taxes in Retirement: Let’s talk taxes! We talk a lot about taxes on your journey towards financial independence. But, this video is different. In this video, we’re talking about taxes after you reach financial independence and retire. When you’re retired, you need to understand how drawing from your multiple income sources will impact the taxes that you pay. So that’s what we break down in this video. We talk about how your different income sources will be taxed differently (including your various tax-advantaged retirement accounts, your traditional brokerage accounts, your pension and social security) and we also give you four tips for reducing the amount of money you pay in taxes in retirement.
▸▸▸Check out some of our other videos!
Our Vanguard Portfolio: How We're Investing for Financial Independence: • Video
Best Vanguard ETFs (Exchange Traded Funds) for Financial Independence: • Video
HSA Accounts - How to Invest Them for Financial Independence (The Secret Early Retirement Account):
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I would love to see a video on filing US taxes when you live abroad. My friends who do this suggest that it is a real night mare. I'd love your perspective.
I second that request! I'd love to know that as well as I'm moving to Merida Mexico.
Would also be interested to hear if you are considering renouncing US citizenship and getting Portuguese citizenship in order to lower taxes.
@@DestinationRetirement That’s awesome 😎 👏🏻 My daughters in-laws moved to PROGRESSO, Mexico 🇲🇽 last year from Spring, TX. They live right on the beach and they love it! They’ve already made so many friends that are expats as well. Safe travels and enjoy!
Having money in your savings but still telling people "im broke" is a different kind of discipline 😂
Different kind of discipline. :) Thanks for watching!!! :)
You ain't lyin
Isn't that a lie? How about not to talk about your money at all. Let them talk!!!!
@@ging-gingw2406 not really. The savings is not to be spent.
I'm broke to me means "I don't have any DISPOSABLE income". Savings is not meant to be disposable.
@@viceanterra3 Very true!!
It’s important to know not only the states with no state income tax, but also the states which do not tax qualified retirement account income and Social Security income.
The Why I relocated from California to Pennsylvania !
One of the most important videos you have put out - ever. Thanks for the good advice!
Thank you both for the information; highly informative! I hate I missed the Tiffany’s session
You two are great ! So glad I found your channel ! Keep it up !
Thank you for the info!
Such valuable information - thank you both! This is a saver to listen to multiple times in order to get the gist of all the important info you’re sharing!
I've been waiting for this, thank you!
Thank you guys, u just answered a question that was bugging my mind. Am grateful for u and pray for you to be blessed. U made me understand what and why am working hard and I started investing with a goal, all because I understand financial matters better than before. Thanks to you again, you are changing people's life's, be blessed!
Hoping you guys would address what paying state tax looks like when you live abroad? Do you guys have to pay state tax from the state you used to live in or does living abroad make you exempt from paying state tax?
Great video! Thanks for sharing!
I really appreciate the information you provide. It's clear and concise and has helped me greatly. Thank you.
Thank the both of you. As always this was so helpful!👍🏼
Thank you Vernon!!!
Leaning a lot watching your journey and videos. First off, very easy to follow and clear examples makes it enjoyable. I have restructured our retirement strategy watching (and learning) from you both. I hope to one day retire early and enjoy life the way it was meant - stress free (at least financially!)
Great content as always. Thank you!
Thank you so much for another excellent video with more knowledge and tips. Your channel has been so helpful and like a blessing to me.
Very helpful. Thank you. I look forward to watch next video related to tax again!
I'm already subcribed, but I'll hit the "Like" button even before I watch the video because I know it's going to be good and full of helpful information 😊🙂 Thanks guys! Enjoy your day!
Same !
Thank you so much. I didn't know that about the HSA accounts. You are so appreciated. ❤❤❤❤❤
Love your content and this one really hits home. Make money, keep money.
Always good stuff on this channel, BIG THANKS 🤙🤙❤❤
You read my mind, 57y and having those thoughts about taxes. Thanks you smart couple for sharing your knowledge.
You guys, I just love your wonderful videos. You are so amazing!!!
Boy oh boy, I took a lot of notes on this! It's all about strategy and keeping those taxes at a minimum. Roth accounts are THE best! Amon and Christina, once again you've delivered such great content. Obrigada!
Thank you so much for this video. I was stressing thinking about paying taxes when I retire.
Thanks for another fab video! Love learning something new every Sunday! You all are the BEST! 💶+🇵🇹=🥰
Awesome information!! Clear, fun and easy to understand.
As Always Great Content...Thank you!
This video is so on time! Especially taxes on brokerage accounts. Let’s goooo
Great video. Concise and clear. Thank you!
Man I don't know what id do without you guys. I have bee studying to get my enrolled agent license and have been learning a ton about taxes and tax planning and I was starting to put things together and then this great video comes out to really help fine tune everything that I have been learning. Thank you guys for the great content because of you guys I definitely feel have a much better sense of my finances since I've started watching you guys a from the very beginning. I hope to reach FIRE one day with everything that I'm learning from you both.
Great video with clear presentation of a tricky subject!
Commenting on the tip to look at moving to states with no state income tax. Just remember that states need money to function and they’ll get it somehow. I’m in a state (Oregon) with no sales tax but our income and property taxes are relatively high. Next door in Washington, there’s no state income tax but the sales taxes and property taxes are high. Best of both worlds for retirees is to live in Washington but make most, or at least big, purchases in Oregon. Of course, people have other reasons beyond taxes in choosing where to love in retirement.
🤯 Yes love this information.. Thank you both for very important keys words I needed to research more on this. I had a bit of a handle in the back of my mind on this topic but this vid really gave a good breakdown. A must re-watch several times vid 🤓. Take care until next Sunday!!
Awesome information!! You definitely have to be strategic.
Very helpful . Thx so much
Enjoyed and beneficial thank you
Great information! Thanks
Thanks Gil!!!
Great video and relevant information as usual :). What are your thoughts on Annuities?
Do you pay taxes to withdraw $ from these accounts in Portugal? Would be nice to know how it works for retirees like you guys! Thank you for all this info!!!!
Your videos are the best!!
2 years ago I watched one of your videos on investment accounts that support FI. It opened my eyes wide to HSA accounts....better late than never! Great video as always!
Excellent information as always! You guys are so inspirational and educational, win-win. So my take-away is have a knowledgeable CPA!
@Our Rich Journey .. because of you guys I enrolled in a HSA account with my job . Learned a lot from you two
Another great video!
Hey guys great content. Thanks a lot. I think I ve binge watched most of your videos last couple of days. And enjoyed it.
I was just curious how much you pay on property taxes on your Portuguese properties. Thanks.
Keep up with good work
love the info and strategies presented in this video
Thanks for the HSA!
Great information 👏🏾👏🏾👏🏾👏🏾
I found your channel a month or so and let me say you’re a wealth of knowledge and have given me the confidence to begin investing! Opened up a Roth IRA and made a full contribution.
Next, I’m between maxing out a traditional 401k or a Roth 401k. Not certain if it’s best to defer 31% in taxes now (both state and federal) or pay the historically low taxes now and be tax free later. Quite the dilemma!
I would appreciate your feedback!
You guys are awesome. Great tips. I set up a living trust and special wholelife insurance so our daughter and her children can build generational wealth. Especially from her documentary film and content creator earnings
Thanks for content. Is it recommended to move funds from a 401b to a roth account?
Besides the 8 states with no income taxes there are other states (like IL) that have high income tax but does NOT tax on any 401K or IRA - so you don't necessarily need "no income" you just need "no state tax on IRA distributions". Just a clarification.
Illinois is considering changing this:/(
Reducing taxes? I’m here faster than Bolt! Love you, beautiful couple! Beijos e bom domingo! 🇧🇷
Hehe! Reducing taxes is a must!!! :) Thanks for watching Sol!
😂😂
Republican?
@@stevenjustice8258 nope…we know, for the FIRE journey, that we must consider ways to reduce taxes in order to achieve our goals, and some of them can even contribute for the environment and society.
Happy birthday Sunoa. U you out parents are blessing us with an impeccable knowledge. May your wisdom and knowledge grow astronomical.
Thanks so much
This is great! Would you be able to do a video on taxes while living abroad? I understand there are many tax benefits to living abroad as a US citizen.
Gr8 information thank U. Especially the 8 states without taxes.
This video is right on time
Parabéns, ótimo vídeo.
Obrigada Tony!!!
Thx 4 STRATEGY & EXAMPLES So very helpful. Love love loved the ball and chain clip hahaha ('Trouble Man' playin in my background). 👌🏾 ❤️❤️❤️😊
Thank you, Christina and Amon! I didn't yet know that the HSA money can also be used for non-medical purposes. That's a big game-changer in my thinking.
Sending a hug from Porto and happy birthday to Sunoa! OMG 15 years already! Time is passing!
This is a gem 💎
thank you
Checking in from the DMV.
Great tips for early retirement and FIRE journey! Thank you Christina and Amon!
Good Afternoin my friends. Be safe happy and healthy.
Avoiding state income tax sure but don’t forget of the other taxes like property tax and if your asked me property taxes are out pacing income taxes in state. Salaries are going up as fast as property values in my area. Still do what’s right for your situation. At least you can get creative with property taxes.
How does Roth withdrawal work in Portugal at the new 10% NHR?
I’m very curious about that also.
Awesomeness!🥰
Wait if you make 34K your Social security gets taxed at 85 percent??? That's insane for such a low income.
I’m going to be more mindful of my choices of where to park my money. Helpful information, thank you. My great great grandparents on my mom’s side are Portuguese. Does that help me gain citizenship in Portugal?
Going to have to watch this again later. Very useful information.
Watch it again and again! Hehe! :) Thanks for watching Danelle!!!
So much good info to take in, had to watched it over and over again and take note. There goes the social security benefit, up to 85% tax? Good luck depending on social security benefit for retirement. Thank you
Thanks for the video! Does the tax law change now that you are tax residents of Portugal? I understand that as a US citizen, you are still required to pay US tax. But, for example, Portugal has a different system for capital gains tax.
This is so good. I have already considered retirement in TX or FL. Thank you! I wonder how you are impacted out of the country.
About the Roth, do you have any hacks for when you move to a country (like Portugal!) that doesn't recognize a Roth and requires you to pay taxes on the withdrawals?
Best video ever!
Thank you, I think I need to watch this a few more times. One thing I see a lot of people miss with the HSA is that once you are on Medicare you can use those monies for your premiums tax free as well. No one really mentions that but I swear I read it somewhere. Is it true?
So interesting 8 states with no income tax! I am from the UK so we have other concerns and as an expat its a little complicated. This video is really useful info and love that you are helping others prep for this, You know what they say death and...
How do you access your money in a foreign country? I want to retire abroad but us banks dont transfer to forign countries and i cant find a good option other than taking money out from atm. What service do you use? Is it easy to pull from retirement accounts if your in Portugal?
Could you please do an episode of taxes in Portugal and how they affected your FI plan?
Hi there! My husband and I are currently in the process of selling an investment property, and we want to diversify with the money from the sale. We are planning on reinvesting in a couple smaller rental properties and then the rest into our Vanguard portfolio. We are currently dealing with the confusion of 1031. Do y'all have any advice or resources that you've used as far as reinvesting money from an investment and the taxes that go along with it? Thank you! Love y'all's channel!
Great video, I love your videos, you guys are awesome!!!! I learn so much from you guys, so glad you did one on taxes. I would love it if you could do a video on tax optimization strategies for us fire people who plan to move to Portugal with NHR status. For example what accounts would you recommend withdrawing from first if under 59 and half, strategies such as withdrawing dividends before capital gain stocks, since capital gains is 28% in Portugal, withdrawing from Roth etc . How to manage having to pay taxes in both US and Portugal. That would really help so many people who are thinking of moving to Portugal.
👍 Thank you.🤔
Great video and information as usual. Could you go over the pros and cons of transitioning funds you have from a brokerage firm into a lower cost firm like fidelity or vanguard or leaving the account and starting over with lower cost firm.
Me too!
I have the option of doing traditional AND roth style of 403b and 467b. Should I look at them as the exact same as Roth IRA? What should be the order of operations betweent these kinds of accounts?
Just finished watching the stock market investing course 😃
Very cool! Thank you!!! :)
This channel has really helped me over the years! Fyi, I do a ROTH 403b for my contributions. Pretty cool!
Hi Amon and Christina. Was wondering how is portugal doing on Covid these days? My family is interested in starting our own journey and wondering if now is a good time
Great video, thanks. Have you all done a similar video that covers the Portugal side of the equation? I've searched your channel, but unless I missed it, I don't see one. If you haven't done one, do you have any plans to? I'm considering a move from the US to Portugal, but want to better understand what my tax obligations will be in both the US AND Portugal (both with and without NHR) to plan my budget accordingly. I've yet to find clear information as to how Roth IRA withdrawals are taxed, for example. I *think* I understand how traditional IRA and 401K withdrawals are taxed, but wouldn't mind some info on that too. Another thing I'm not clear on. I plan to sell my house in the US, then move, but don't know if I'll be taxed on its capital gains when I get to Portugal. I'm sure you two have been through all this already and your insights would be appreciated. Thanks again for your videos
Hi I always appreciate your advice and perspective. I would like to make one note concerning this tax video. My understanding from a couple of different accountants and from my own research is that if you hold money in something like a traditional IRA and a Roth IRA the IRS looks at the value of your total holdings when taxing withdrawals. Example, I have 100000 in my Roth and 100000 in my traditional IRA. I take out 50000 from my Roth only assuming it won't be taxed (for this example let's ignore all other factors like tax bracket, total income, etc.). However, this is not the case, the IRS looks at the fact that I have 200000 in IRAs and 50% of that money is taxable upon withdrawal. The IRS will tax 50% of the 50000 I withdrew. Is this your understanding?
Are dividends from VTSAX qualified dividends?
Does Portugal tax you on Roth withdrawals, or are Roth accounts only considered exempt from US income taxes?
My research showed that the UK and France respect Roths as tax-free income but not Portugal. As they always say: Consult your own tax advisor.
Can you please do a video about different areas of Portugal for the first-timer? For example, the different seaside towns? I'm a single female traveler interested in early retirement in Portugal. Thanks!
Thank you for this video. What retirements 457 account where you can withdraw at any age without penalty as long as you separate from service.
Another great video! No fluff, all meat!
Great video I wish you would've mentioned which 8 states have the lowest taxes
Was wondering if you fine folks could do a video on implications of the NHR and if it goes away, what can expats expect to pay? You are both so knowledgeable on all things portugal.
Since you're retired early, do you take the 4% out of a normal brokerage account?
Also, my wife and I each have a Roth IRA. When trying to achieve the FIRE goal, is it fine to look at the combined amounts for our accounts?
Also, I really appreciate and enjoy the educational and Vlog style videos you guys produce. Keep going!