Three Steps to Execute a Backdoor Roth IRA

3 Steps to backdoor Roth

A Roth IRA is an excellent way for people to save for their retirement and not have to worry about paying additional taxes in the future. However, it is directly accessible to only a handful of savers. Those who earn above the income limit must execute a backdoor Roth IRA in order to enjoy the […]

Roth IRA Rollover Methods

examining Roth IRA rollovers

The Roth IRA is one of the most useful retirement vehicles available, but many retirement savers don’t start with one as their first account. A traditional IRA or 401(k) are the primary retirement vehicles for many Americans, providing tax-deferred savings on contributions. If you contribute to your IRA or 401(k), you can write off the […]

Backdoor Roth Taxes: What You Should Consider

roth IRA and taxes

When it comes to creating a backdoor Roth, the first thing many people take into consideration is backdoor Roth taxes – and rightly so. There are many instances in which an individual might want to open a Roth IRA. These accounts come with a host of perks, including the opportunity to withdraw funds tax-free. However, […]

Don’t Overlook This Loophole When Tax Planning in Retirement

retirement tax planning

A realtor will always tell you it’s a great time to sell your home, but in this current environment, they may actually be correct. The housing market is on fire lately and homes are being snatched up well above asking price. With interest rates expected to remain low for the foreseeable future, sellers should have […]

Required Minimum Distributions (RMDs) and Your Retirement Tax Planning Strategy

older couple reviewing tax documents

One factor that retirees too often overlook when tax planning in retirement is the legislation surrounding Required Minimum Distributions (RMDs). When you retire, you must consider the pace at which you draw down your retirement accounts in order to give your savings the best chance of outlasting your retirement. Included in this consideration are questions […]

5 Strategies to Manage Your Tax Bracket in Retirement

retiree calculating retirement income taxes

In retirement, as in your working years, it is critical to manage your tax bracket through careful tax planning in order to maximize your income. But when you’re tapping a finite nest egg in retirement, saving every possible dollar becomes even more important. In 2021, there are seven tax brackets, with the highest rate of […]

Understand How Your Retirement Assets Are Taxed

tax filing documents

Too many people overlook one big factor in planning for retirement – tax planning. When you think about retirement, you’re probably daydreaming about how you’ll spend your newfound free time and strategizing about saving to get to those goals. However, saving isn’t the only ingredient in the recipe for retirement success. Incorporating tax planning into […]

Tax Planning for the Four Stages of Retirement

retirement and tax planning documents

While many people tend to think of retirementas binary—either they are retired or they are not retired—retirement, in general, is usually better understood as something that occurs in distinct phases. Each of these phases presents unique financial challenges and opportunities that will need to be addressed throughout the process of retirement planning and tax planning. […]

Four Hidden Retirement Taxes and How to Avoid Them

file folder with Social Security label Advanced Retirement Strategies

As if planning for retirement wasn’t already a tricky venture, a complex tax code can make things even more difficult, which is where a comprehensive retirement tax strategy can come in handy. Unfortunately, it is common for many people to pop the champagne and prepare for retirement only to discover that their nest egg was […]

7 Sources of Extra Retirement Income

The best retirement income plans – ones that maximize Social Security benefits, incorporate a comprehensive tax strategy, and use a bucket strategy – will help minimize the need to continue working. However, even diligent savers may find that, once they have retired, they could use a bit of extra income. Perhaps they want to expand […]