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#124 - The basics of taxes and tax planning in retirement

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Manage episode 448887822 series 3305727
Content provided by Andy Panko. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Andy Panko or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.

Andy talks about the basics of what to know regarding taxes and tax planning in retirement. Topics discussed include:

  • What sources of income are taxable vs non-taxable
  • Required Minimum Distributions ("RMDs") from both your own accounts and inherited accounts
  • How to pay taxes in retirement: withholdings vs making estimated payments
  • Gifting tax-efficiently
  • Making charitable donations tax-efficiently
  • Overview of common long-term tax planning strategies:
    • Delaying Social Security and distributing from pre-tax accounts in the interim
    • Roth conversions
    • Tax loss and tax gain harvesting
    • Asset "location" of which investments to hold in which account types

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com
Links in this episode:

  • The Rock Retirement Club - here

  continue reading

130 episoade

Artwork
iconDistribuie
 
Manage episode 448887822 series 3305727
Content provided by Andy Panko. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Andy Panko or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.

Andy talks about the basics of what to know regarding taxes and tax planning in retirement. Topics discussed include:

  • What sources of income are taxable vs non-taxable
  • Required Minimum Distributions ("RMDs") from both your own accounts and inherited accounts
  • How to pay taxes in retirement: withholdings vs making estimated payments
  • Gifting tax-efficiently
  • Making charitable donations tax-efficiently
  • Overview of common long-term tax planning strategies:
    • Delaying Social Security and distributing from pre-tax accounts in the interim
    • Roth conversions
    • Tax loss and tax gain harvesting
    • Asset "location" of which investments to hold in which account types

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com
Links in this episode:

  • The Rock Retirement Club - here

  continue reading

130 episoade

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