3 Tax Moves in the Year You Retire

Most people think tax planning gets easier when you're retired. The truth is the opposite. Here are 3 tax moves you must consider when you retire.

Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment!

Be sure to stay up to date by following us!

Want more Wise Money™?

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.

[johnnyretires]

I took a different route. I went part time in my last working year so it was not feasible to max out 403b. My other option was to not work at all and start distributions.

[lopesphoto]

My 401k company match is in august. If I leave before then will my company still pay the match that I earned?

[ChristopherEvans-]

Check, check, and check. Retire on April 30th. Currently maxing out my 401k into Roth. Max, my company will allow is 50% of my income. Will contribute the Roth IRA max of $8, 000. Finally, will convert a small traditional IRA into a Roth. This will get me to just over $60, 000 AGI filling out the 12% tax bracket and just keep me under the limit for a 100% subsidy on an ACA Bronze High deductible + HSA plan, here in California. 84 more days.

[wyzyguy]

Build $ for Roth conversions. Very powerful are conversions vs Roth contributions when income on paper is low. That would be step 4 for me.

[tedjohnson]

I'm Retiring in Early August this year at age 62. With 29 Years-of-Service, my CalPers will pay 71% of Income for life. My Coordinated Social Security will pay around 30%. BUT, since I'm carrying TWO MONTHS of Vacation Leave, I'll have to delay my Social Security by at least a Quarter to avoid my Severance Payment[s] colliding with my first Benefit Check and causing a Overpayment. After I pay off my Credit Cards with my Severance Payment, what's left will go into my Roth. If I can swing it, I'll delay my Social Security into 2025... I can always file for Social Security from the Philippines where I'm going to Vacation until I'm Medicare Eligible.

[leeward]

If retiring mid year, two years later is the retiree able to appeal any IRMAa due to working the year two years prior?