4 types of income not taxed in retirement. | FinTips

Today we're covering more of the retirement planning and strategy portion of your dough with a focus on retirement income that is not taxed in retirement. Part of every good retirement plan is to make sure you utilize all the advantages available.

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[NicholasBall]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars

[alexsteven.m]

Recently, I've been pondering retirement, unsure if my 401(k) and IRA will provide a stable future. I've also put $800K into the stock market, encountering fluctuations with limited gains. i need an approach that will align with my risk tolerance and financial goals

[barbarawarren]

1) HSA
2) Reverse mortgages
3) Qualified Roth distributions
4) Capital gains forgiven up to $250K

[menaciajones]

My aunt had a reverse mtg on her penthouse so she could continue living well since she did not want to sell her beach house or condo. When she passed, the sale of her condo paid off the reverse mtg with some to spare. It all depends on your situation and should not be entered into lightly.

[Hannahbenowitz]

Investors sent stocks soaring on Tuesday, cheering the October Consumer Price Index report that showed inflation slowed more than expected last month.What is the greatest strategy to take advantage of the current bull market while I'm still deciding whether to sell my $300k worth of stocks?

[danieldesimonedanny]

I retired at 55 now I'm 66 & on SS. The key for me was / is lowering my $$ overhead. NJ property tax $8, 500.00 FL $900.00 same sq ft 3 bed home.
Remember you most important asset is "your health". I'm on zero meds 140 lbs and fit. I'm living on 10 grand a year and saving $$$. Now I'll watch your presentation in detail.

[DougAlesUSA]

5’th type - bartering. You do something someone else needs that you can do for someone else, they do something you need for you. Say you are a retired electrician and they need a ceiling fan installed. They are a automotive mechanic and you need new breaks. Barter.

[badgt]

01:24 Health Savings Account (HSA), 03:28 Reverse Mortgages; 04:30 Qualified Roth Distributions; 05:47 Downsizing house

[robertwidby]

Why, why, why is SS taxed at all? Did we not pay taxes on that income while working 40 years?

[rorschach]

I hate seeing any advisor/planner recommend any reverse mortgage. They always forget to mention fees associated with it. Usually front loaded and you'll never see the value of your home come back.

[dougm]

stay away from reverse mortgages, they are super expensive and are front loaded with lots of fees. down size if you need the money.

[armalynnica]

Having multiple income sources is very crucial to financial growth.

[Lorddarthvader]

Yes I get a pension, one of the last if you will. I live in Michigan and am retiring in Tennessee because they don't tax the pensions. All don here in Michigan, bought a house and gone in May

[JH-exmb]

I opened an HSA account in 2007 and contributed the maximum each year and never made a withdrawal. Since it was through my employer, the money went in pre-fed, state and Social Security. 401k contributions do not avoid the Social Security tax. I invested the $ well, kept a record of my expenses and will pull tax-free $ out as needed in my eventual retirement. In retirement you can reimburse yourself for Medicare premiums (NOT for Medicare supplement plans) other medical expenses and Long Term Care premiums. No other investment like it - goes in pre-tax, grows un-taxed and comes out tax free.

[ejcheck]

Life insurance proceeds may not be INCOME taxable, but if you're not careful with how the policy is titled it might be ESTATE taxable.
And with the ROTH you can withdraw your DEPOSITS at ANY TIME penalty-free, as long as do not withdraw ant income.

[SilverHonda]

Magnum P.I. in his Ferrari is the celebrity on reverse mortgage commercial and in Blue Bloods.

[titaniumgirl]

You have to be super careful with reverse mortgage. My mom got hospitalized, someone (probably someone who wanted to snatch it up) reported it to the bank. She didn’t say anything to us about the letters so the bank took the house back. It was worth 200, 000 and she had only taken out 70, 000 and still had it in the bank! All we had to do was go to the bank and explain she was going back to the house or pay it off but since she didn’t communicate the notices to us, she lost out. They can be great but you need strategy if you have to leave the house

[georgesealy]

People can also be smart where they choose to live in retirement. State taxes can become important. Some states do not have an income tax and some states do not tax Social Security. People can also be smart about what counties and communities they choose to live in, so that property taxes are low.

[gorymarty]

Lol, I love these people that have savings to invest. Most people don't have that disposable income.

[robertnorton]

I didn’t know the profit from the sale of your home you lived in wasn’t taxed. That is good news. Thank you.