How Retirement Income Is Taxed
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- čas přidán 23. 07. 2024
- There are 3 different tax rates for the different types of retirement income.
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
64 retired Not taking SS until 70, my plan is to drain my IRA over the next 5 years before that big SS check pushes me into a much higher tax bracket
Taxes are not a speed bump but a Detour sign, forcing to take a longer route to your financial destination, good content, thanks
I am trying to put some in Roth from traditional Ira. Cpa only wants me to do 8000, but that gets me nowhere.
Do you hold 5 yrs after opening even if over 60?
Do you need to pay Quarterly Estimated tax payments throughout the year for 401k and IRA distributions?
How are annuities taxes in retirement ?
What I love about the Roth 401(k) is it can help you save on taxes in retirement. Not only are withdrawals tax-free at 59 1/2 , it won't impact the taxation of your Social Security benefit and Medicare premiums.This is an important aspect of a Roth account that most people are not aware of.
My husband is a NY State Retiree thankfully our Medicare part B will be reimbursed to both of us because its already included in our NY State Retiree Health Insurance.
the state with the #1 debt lol
So does your Medicare premiums change yearly since your AMA changes or are you stuck with that high premium for the rest of your Medicare period moving forward?
It would just be for the year you exceeded the IRMAA limits....
You should also mention that some but not all social security is taxed, depending on how much other income you have.
seems to be most, 85%
@@jamescollier3 Yes at most 85 p;ercent, frequently a lot less.
How about if the husband is older and start the RMD and the wife is 66 y/o. Will the wife,s Medicare part B increase also since you’re filing jointly?
I believe so
If you are married and filing jointly the 2023 IRMMA limit for income
(Modified Adjusted Gross Income) is $193,000. If your income is below
That there will be no change to your part B premium.
What I’m trying to say is, before RMD, our Medicare Part B is 164.90 but when my husband will start taking his RMD at 73 and I will be 66 years old at that time. Our Medicare part B will go up. So, since, we’re filing jointly, my Medicare part B will also increase?
: If you are filing jointly that is correct
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And more grifters
You talk way too fast. I had to slow the video down to .75 to even even follow you at all. Also, using charts helps.
Clicked on the video because of the title. Left after 3 minutes because of long winded rambling at the beginning.