Andy talks about the basics of what to know regarding taxes and tax planning in retirement. Topics discussed include:
- What sources of income are taxable vs non-taxable
- Required Minimum Distributions ("RMDs") from both your own accounts and inherited accounts
- How to pay taxes in retirement: withholdings vs making estimated payments
- Gifting tax-efficiently
- Making charitable donations tax-efficiently
- Overview of common long-term tax planning strategies:
- Delaying Social Security and distributing from pre-tax accounts in the interim
- Roth conversions
- Tax loss and tax gain harvesting
- Asset "location" of which investments to hold in which account types
To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com
Links in this episode:
- The Rock Retirement Club - here
