TAXES! Watch this to Pay No or Low Taxes in Retirement

Our Rich Journey - TAXES! Watch this to Pay No or Low Taxes in Retirement: Let’s talk taxes! We talk a lot about taxes on your journey towards financial independence. But, this video is different. In this video, we’re talking about taxes after you reach financial independence and retire. When you’re retired, you need to understand how drawing from your multiple income sources will impact the taxes that you pay. So that’s what we break down in this video. We talk about how your different income sources will be taxed differently (including your various tax-advantaged retirement accounts, your traditional brokerage accounts, your pension and social security) and we also give you four tips for reducing the amount of money you pay in taxes in retirement.

▸▸▸Check out some of our other videos!

HSA Accounts - How to Invest Them for Financial Independence (The Secret Early Retirement Account):

▸▸▸PLEASE SUBSCRIBE:
If you like our video, please make sure to "like" the video and subscribe to our channel. We post two videos a week related to our journey towards financial independence, including making money, saving money, and investing money. Make sure to check out all our videos and . . . join the journey!

DISCLAIMER:
We are not financial advisors. Our videos are for educational purposes only and merely cite our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research!

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our personal opinions.

#FinancialIndependence #FinancialIndependenceRetireEarly

[OurRichJourney]

Enrollment is now open for our 365 Days to F.I.R.E. Program for 2025
Sign up and get:
◼ Completed F.I.R.E. Plan, Stock Investing Plan, Real Estate Investing Plan, etc. by the end of program
◼ Daily F.I.R.E. Actions
◼ Monthly Live Q&As
◼ Small Accountability Groups
◼ Quarterly Book Club
◼ 3 Meet-ups in Portugal, including a 2-Day Conference with us in Porto!
◼ Private Facebook group
◼ Lifetime access to daily tasks, recorded live Q&As, recorded book club meetings, Facebook group, and resources
◼ Discounted future meetups as 365 Days to F.I.R.E. program alumni
◼ And more!

[cynnechocolat]

I would love to see a video on filing US taxes when you live abroad. My friends who do this suggest that it is a real night mare. I'd love your perspective.

[Jetfuture]

It’s important to know not only the states with no state income tax, but also the states which do not tax qualified retirement account income and Social Security income.

[whatzupLizzy]

One of the most important videos you have put out - ever. Thanks for the good advice!

[georgd]

Boy oh boy, I took a lot of notes on this! It's all about strategy and keeping those taxes at a minimum. Roth accounts are THE best! Amon and Christina, once again you've delivered such great content. Obrigada!

[chicatita]

Do you pay taxes to withdraw $ from these accounts in Portugal? Would be nice to know how it works for retirees like you guys! Thank you for all this info!!!!

[yestohappiness]

Besides the 8 states with no income taxes there are other states (like IL) that have high income tax but does NOT tax on any 401K or IRA - so you don't necessarily need "no income" you just need "no state tax on IRA distributions". Just a clarification.

[cubingdad]

Hoping you guys would address what paying state tax looks like when you live abroad? Do you guys have to pay state tax from the state you used to live in or does living abroad make you exempt from paying state tax?

[sol]

Reducing taxes? I’m here faster than Bolt! Love you, beautiful couple! Beijos e bom domingo! 🇧🇷

[CreativeCashflow]

Having money in your savings but still telling people "im broke" is a different kind of discipline 😂

[strawmummy]

Thank you guys, u just answered a question that was bugging my mind. Am grateful for u and pray for you to be blessed. U made me understand what and why am working hard and I started investing with a goal, all because I understand financial matters better than before. Thanks to you again, you are changing people's life's, be blessed!

[blckjedi]

2 years ago I watched one of your videos on investment accounts that support FI. It opened my eyes wide to HSA accounts....better late than never! Great video as always!

[fran]

I'm already subcribed, but I'll hit the "Like" button even before I watch the video because I know it's going to be good and full of helpful information 😊🙂 Thanks guys! Enjoy your day!

[rosaromero]

You read my mind, 57y and having those thoughts about taxes. Thanks you smart couple for sharing your knowledge.

[annettewess]

Thank you so much for this video. I was stressing thinking about paying taxes when I retire.

[ketanmehta]

Leaning a lot watching your journey and videos. First off, very easy to follow and clear examples makes it enjoyable. I have restructured our retirement strategy watching (and learning) from you both. I hope to one day retire early and enjoy life the way it was meant — stress free (at least financially!)

[mastermind]

How does Roth withdrawal work in Portugal at the new 10% NHR?

[TheHammer]

Seems like they missed one of the best parts of the HSA: differed reimbursement. Maxing out contributions to the HSA and investing it through your work life, while paying your medical bills with normal after-tax dollars, allows you to reimburse yourself AT ANY TIME. This means you can grow an HSA to say $200, 000 and pay $50, 000 in medical bills over the same time. When you want to retire early, you can finally pull out your HSA receipts book and tally up the expensed you've paid... and withdrawal that amount from the HSA TAX FREE (since you are reimbursing a medical bill). The rest of the HSA balance can also be used for medical bills in retirement until it's gone... no tax costs. So yes, it's tax-free in and out for medical expenses, but medical bills paid during your income years can be used to fill the doughnut hole years between actual retirement, and triggering your Social Security. You could potentially retire a year or two earlier with this income and still get the higher Social Security payments from delayed retirement.

[marteanderson]

Be cognizant of a State's other taxes. For example, if they have no state income tax they are likely to have high property or sales taxes. You need to consider all taxes in retirement as well as cost of living variables in your target destinations.

[rgallegos]

Man I don't know what id do without you guys. I have bee studying to get my enrolled agent license and have been learning a ton about taxes and tax planning and I was starting to put things together and then this great video comes out to really help fine tune everything that I have been learning. Thank you guys for the great content because of you guys I definitely feel have a much better sense of my finances since I've started watching you guys a from the very beginning. I hope to reach FIRE one day with everything that I'm learning from you both.