Retirement is a new phase of life, and so is your tax situation. Knowing what counts as income and how it’s taxed can make a big difference in how long your money lasts. Below are some of the most common tax questions retirees ask. Can I Avoid the Income Tax in Retirement? What Would That […]
What Retirees Should Know About Their Income Tax Read More »
There’s a well-known saying: “Nothing is certain except death and taxes.” But what’s often left out is how closely those two concepts can intersect—especially when it comes to your legacy. Many people spend a lifetime building wealth to leave something meaningful behind. But without a thoughtful plan, more of that wealth could go toward taxes,
How Estate Planning May Help Reduce Future Tax Burdens for Loved Ones Read More »
The One Big Beautiful Bill (OBBB) includes several tax changes that directly affect retirees, especially how their Social Security is taxed, how much of their income is shielded by deductions, and how much they can deduct in-state and local taxes (SALT). While some speculate that tax deductions could cause further deficit and Social Security Trust
How Could the One Big Beautiful Bill Impact Taxes for Retirees? Read More »
When people think about retirement planning, they often focus on IRAs, 401(k)s, and investment portfolios. But for many retirees, life insurance can play a strategic role, especially when it comes to navigating taxes. Whether you’re considering a new policy, already own one, or are weighing options for estate planning, it’s important to understand how life
Understanding the Tax Treatment of Life Insurance in Retirement Read More »
Tax season is behind us, but for pre-retirees—those within 10-15 years of retirement—this is the perfect time to reassess financial strategies. The decisions you make now can significantly impact your retirement lifestyle, taxes, and financial security. Here are five key post-tax season moves to keep you on track. Tax-Advantaged Retirement Contributions If you’re still working,
Post-Tax Season Tips for Pre-Retirees Read More »
Tax season can be challenging, especially if one is not financially prepared. While it may seem tedious, preparing beforehand can save time from last-minute hassles and help optimize tax returns. Therefore, adopting certain financial habits before the onset of tax season may help lighten the tax season’s load. 1. Regular expense monitoring—The first habit to
8 Financial Habits to Start Before Tax Season Read More »
People often misunderstand Social Security retirement benefits and taxation since not all benefits are taxable. The amount of benefits one receives and how much Federal tax applies depend primarily on the income level of the receiver and other factors. How to determine if benefits are taxable If Social Security benefits are the only source of
2025 Social Security Benefits and Taxes Read More »
Project 2025, a policy blueprint developed by the Heritage Foundation, has stirred significant attention due to its controversial tax proposals. This 900-page mandate from the conservative think tank outlines profound changes that could fundamentally alter the federal government, including the tax system. Here’s what you need to know about Project 2025 and its potential impact
Covering New Tax Proposals From the “Project 2025” Agenda Read More »
Given the constantly fluctuating economic climate, developing strategic planning methods to ensure a comfortable retirement has become more critical than ever. One such strategy to complement this is tax planning. Effective tax planning before and during retirement can enhance the longevity of your retirement savings by lowering your tax bill. Here are six tax-reducing strategies
Tax Strategies: How to Lower Your Tax Bill in Retirement Read More »
