filmov
tv
3 Simple Ways to Minimize Taxes in Retirement
Показать описание
Imagine a retirement where you travel, enjoy hobbies, and live comfortably without worrying about taxes. Sounds great, right? It’s possible. Today, we’ll discuss three strategies—Social Security optimization, tax gain harvesting, and strategic income shifting—that can help you save on taxes during retirement.
Social Security Optimization - Maximizing Social Security benefits can significantly reduce your tax burden. If you and your spouse delay taking benefits until age 70, your combined income could be $116,952 annually. Due to the way Social Security is taxed, your adjusted gross income could be $18,305, resulting in zero federal and state taxes.
In contrast, if the same amount came from a traditional IRA, you'd owe $12,658 in taxes. This shows the importance of managing income sources strategically.
Tax Gain Harvesting - Tax gain harvesting involves selling investments at a gain up to a certain threshold without incurring taxes. For example, a retiree selling $20,000 in assets could have a taxable income of $23,450, resulting in a minimal tax liability of $1,382. This method helps minimize taxes on investment income.
Strategic Income Shifting - Strategic income shifting determines the most tax-efficient sources of income. For example, Joe, who needs $80,000 annually, can minimize taxes by withdrawing from both a traditional IRA and a Roth IRA. This mixed approach reduces his tax bill significantly compared to withdrawing solely from one account.
Optimizing Social Security, tax gain harvesting, and strategic income shifting are effective ways to minimize taxes in retirement. By understanding the tax implications and making informed decisions, you can enhance your financial security. Consulting with a financial advisor can help tailor these strategies to your unique situation.
=======================
Learn the tips & strategies to get the most out of life with your money.
🔔 Make sure to subscribe here to be notified for future videos!
_ _
⏱Timestamps:⏱
0:00 - SS optimization - Scenario 1
3:35 - Scenario 2
5:22 - Tax gain harvesting
8:59 - Another example
12:30 - Scenario 3
14:11 - Strategic income shifting
17:35 - A balanced approach
19:04 - The goal
Other videos we think you'll like:
Worried about retirement?
Social Security Optimization - Maximizing Social Security benefits can significantly reduce your tax burden. If you and your spouse delay taking benefits until age 70, your combined income could be $116,952 annually. Due to the way Social Security is taxed, your adjusted gross income could be $18,305, resulting in zero federal and state taxes.
In contrast, if the same amount came from a traditional IRA, you'd owe $12,658 in taxes. This shows the importance of managing income sources strategically.
Tax Gain Harvesting - Tax gain harvesting involves selling investments at a gain up to a certain threshold without incurring taxes. For example, a retiree selling $20,000 in assets could have a taxable income of $23,450, resulting in a minimal tax liability of $1,382. This method helps minimize taxes on investment income.
Strategic Income Shifting - Strategic income shifting determines the most tax-efficient sources of income. For example, Joe, who needs $80,000 annually, can minimize taxes by withdrawing from both a traditional IRA and a Roth IRA. This mixed approach reduces his tax bill significantly compared to withdrawing solely from one account.
Optimizing Social Security, tax gain harvesting, and strategic income shifting are effective ways to minimize taxes in retirement. By understanding the tax implications and making informed decisions, you can enhance your financial security. Consulting with a financial advisor can help tailor these strategies to your unique situation.
=======================
Learn the tips & strategies to get the most out of life with your money.
🔔 Make sure to subscribe here to be notified for future videos!
_ _
⏱Timestamps:⏱
0:00 - SS optimization - Scenario 1
3:35 - Scenario 2
5:22 - Tax gain harvesting
8:59 - Another example
12:30 - Scenario 3
14:11 - Strategic income shifting
17:35 - A balanced approach
19:04 - The goal
Other videos we think you'll like:
Worried about retirement?
0:20:12
3 Simple Ways to Minimize Taxes in Retirement
0:10:51
3 SIMPLE WAYS TO REDUCE CLUTTER | Easy ways to pursue minimalism
0:07:17
3 SIMPLE Ways to Reduce Muscle and Leg Cramps at Night
0:06:11
Here are 3 easy ways to reduce hand blackening 🤲💪
0:04:06
3 simple ways to reduce your risk of Alzheimer's | feat. low-carb advocate Amy Berger
0:03:35
3 Easy Ways to Minimize Your Credit Card Processing Costs
0:01:00
3 Simple Ways to Reduce Noise with your Windows
0:01:00
🇰🇷 3 EASY Steps to Achieve the Korean Glass Skin💦
0:00:25
Unlock Your Pelvis: Yoga for Pelvic Health| #ZenMadhav #yogaforpelvichealth
0:01:31
3 simple tips to reduce screen fatigue
0:06:55
3 Simple Ways to INSTANTLY Reduce YOUR Tinnitus (Copy These Tips)
0:01:56
3 Simple Ways to Reduce Plastic Waste
0:04:02
3 Easy Ways to Reduce Calcium Build Up in Arteries Naturally
0:02:38
3 simple ways to reduce wasted time and resources in your business
0:08:22
Airbnb Hosting: 3 Simple Ways to Reduce Expenses in 2018!
0:01:02
3 Simple Ways to Reduce Dust in Your Home
0:06:48
3 Simple Steps to Reduce No-Shows in Sales
0:00:59
3 Simple Exercises to Reduce Double Chin! Dr. Mandell
0:00:09
#How to reduce double chin#Getridofdoublechin#Easy exercise
0:06:22
3 Simple Ways to Reduce Your Food Waste
0:00:19
Only 3 easy exercise daily to reduce side fat in just 3 weeks
0:00:47
3 easy ways to reduce your plastic consumption every day!#reduceplasticwaste #ecofriendlyliving
0:01:39
3 Easy Ways to Reduce Waste at Home
0:00:24
3 simple ways to reduce hip stiffness from arthritis
Комментарии