Jul 28, 2022
Are you worried about taxes, particularly in retirement? Preparing for the tax bill now can save you a lot more in the future. On today’s episode, we are going to explore some common questions we get regarding taxes and break down some advice for saving on taxes.
What accounts are taxable?
Taxable income will come from qualified accounts. These are accounts you put money into during your working years that you didn’t pay the taxes on originally. These are often 401(k)s, 403(b)s, various IRA accounts, profit sharing plans, and traditional plans. Since the money has been growing tax-deferred you’ll owe those taxes at some time in the future when you begin taking income from them.
Social Security and Taxes
How your Social Security income is taxed depends on various factors like the other types of income you are receiving and from where that money is coming from. If you are still working that money will count towards your taxable income. The good news is only up to 85% of Social Security is taxable.
Annuities and Taxes
Annuities are designed to provide secured income throughout retirement. Whether annuities are taxed and by how much depends on the annuity you have and how you are taking income from that annuity.
Join us today as we explore these tax questions and more on non-taxable accounts, Roth IRAs, and much more.
Check out the full episode or use the timestamps below to hear a specific segment.
1:12 – Our summer trip
3:23 – Paying too much in taxes
4:49 – What are taxable accounts?
6:27 – Social Security
8:08 – Annuities
9:00 – non-qualified accounts
9:45 – Roth IRA
11:11 – Understanding income tax
12:15 – Changes impacting taxes
14:28 – Where you put your money matters
17:09 – Quick tips on Roth IRA
For more, visit us online at http://flemingfinancialservices.com