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How Different Types of Retirement Income Are Taxed

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Manage episode 461075790 series 3428540
Innhold levert av Lucia Capital Group. Alt podcastinnhold, inkludert episoder, grafikk og podcastbeskrivelser, lastes opp og leveres direkte av Lucia Capital Group eller deres podcastplattformpartner. Hvis du tror at noen bruker det opphavsrettsbeskyttede verket ditt uten din tillatelse, kan du følge prosessen skissert her https://no.player.fm/legal.

Many retirees have several sources of retirement income: IRAs, 401k accounts, personal money, pensions, and Social Security, to name just a few. Because of this, they may find that it's extremely hard to predict their tax bill each year if they're not sure how - or if - these sources of income will be taxed.
Knowing the potential taxation of your income can put you in a much better position from a financial planning perspective. But how do you know what types of income may or may not be taxed?
Simple - have a listen to this week's episode of Managing Your Financial Future with podcast host Johnny Dean and "Professor" Rick Plum, CFP® as they tell you what you need to know about the taxation of your retirement income!

  continue reading

203 episoder

Artwork
iconDel
 
Manage episode 461075790 series 3428540
Innhold levert av Lucia Capital Group. Alt podcastinnhold, inkludert episoder, grafikk og podcastbeskrivelser, lastes opp og leveres direkte av Lucia Capital Group eller deres podcastplattformpartner. Hvis du tror at noen bruker det opphavsrettsbeskyttede verket ditt uten din tillatelse, kan du følge prosessen skissert her https://no.player.fm/legal.

Many retirees have several sources of retirement income: IRAs, 401k accounts, personal money, pensions, and Social Security, to name just a few. Because of this, they may find that it's extremely hard to predict their tax bill each year if they're not sure how - or if - these sources of income will be taxed.
Knowing the potential taxation of your income can put you in a much better position from a financial planning perspective. But how do you know what types of income may or may not be taxed?
Simple - have a listen to this week's episode of Managing Your Financial Future with podcast host Johnny Dean and "Professor" Rick Plum, CFP® as they tell you what you need to know about the taxation of your retirement income!

  continue reading

203 episoder

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Many retirees have several sources of retirement income: IRAs, 401k accounts, personal money, pensions, and Social Security, to name just a few. Because of this, they may find that it's extremely hard to predict their tax bill each year if they're not sure how - or if - these sources of income will be taxed. Knowing the potential taxation of your income can put you in a much better position from a financial planning perspective. But how do you know what types of income may or may not be taxed? Simple - have a listen to this week's episode of Managing Your Financial Future with podcast host Johnny Dean and "Professor" Rick Plum, CFP® as they tell you what you need to know about the taxation of your retirement income!…
 
When the SSA sends you your benefit projections each year, there is an actual amount that they're telling you that you will receive, depending upon what age you begin taking them. So you might think that the number they tell you is the amount you'll be receiving. But this is not always the case. There are a few scenarios in which the benefits you receive will be lower than the benefits you thought you'd get. And since Social Security forms the basis of many people's retirement income plans, it's important that you recognize if and when this could happen to you. How might your benefits be reduced? Learn more from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!…
 
We're nearing the end of the year, and while there's not a whole lot left that you can do to perhaps improve your tax situation for this year, there actually is one more thing you may be able to accomplish before 2025. It's called a QCD - or Qualified Charitable Distribution. If you're at least 70 1/2 years old, and you're charitably inclined, this technique may allow you to save even more on your tax bill this year. Learn more about this little-known tax move, and find out what the new tax, IRA, and Social Security limits are for 2025 with host Johnny Dean and Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future!…
 
Today we're asking the question that we posed to our listeners at the beginning of 2024: Is this a good time to do your Roth conversions? There are reasons for doing them at the end of the year, just as there are also sound reasons for waiting until the new year begins. What it all comes down to is whether or not you know your tax situation for the year - which, with just a few weeks left, is much easier to determine right now. But how do you really know when may be the best time to get some money into your Roth IRA? Podcast host Johnny Dean speaks with his guest, "Professor" Rick Plum, CFP® about what you still need to consider when doing a Roth conversion in this week's episode of Managing Your Financial Future!…
 
Building a nest egg is relatively easy if you're both consistent and patient. Regular contributions over time can lead to compounded growth, which may give you the amount of money you need to live on. But while building a savings can be easy, keeping it from running out is a whole other challenge. How you take withdrawals from your savings once you're retired is crucial to the survival of your portfolio. If the strategy you're using to take cash flow from your nest egg is faulty, your entire life savings may be at risk. What happens if you do it the wrong way, and how might you be able to fix it? Find out from podcast host Johnny Dean and his guest, Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future!…
 
Regular listeners to this podcast know that we talk a lot about a Bucket Strategy, and why we so firmly believe in it. But it's important to note that we're not just referring to any bucket strategy - rather we like to refer to it as THE Bucket Strategy®. To us, it's not as simple as dividing up assets into three segments and then calling it a day. There are individual circumstances that make each one unique. But what is the process that we use? Have you ever wondered what an actual Bucket Strategy may look like? Wonder no more! Tune in to today's episode with host Johnny Dean and his guest, "Professor" Rick Plum, CFP® as they go through the details of putting together a hypothetical strategy right here on the program!…
 
There's a well-known topic in the investing world known as Asset Allocation which is primarily about deciding which asset categories you should own – stocks, bonds, CDs, alternative investments, etc. It's an important part of building your portfolio. But there's another, equally important part that doesn't get talked about nearly enough: Asset Location. This has to do with how assets located in different types of accounts (Roth, IRA, or personal) are ultimately taxed to you. When done properly, an asset location strategy may dramatically decrease the amount you’ll ultimately pay in taxes on those assets. How does it work, and why is the distinction so important? Podcast host Johnny Dean welcomes his guest, Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future to tell you all about it!…
 
Most people, by the time they reach retirement age, have a certain amount of money saved up that they'll need to tap into from time to time. Problem: that money may need to last a lifetime, and because you don't know how long you'll live, you have no idea how much is "too much" to take out. You' re going to require a certain amount of money to meet your basic expenses, but that stash of money - your investment portfolio - may have to last at least a few decades. So here's the question: is there a "safe" amount you can withdraw each month so that you won't outlive your savings? Podcast host Johnny Dean talks with his guest, "Professor" Rick Plum, CFP® about how to figure out what may potentially be the "right" amount you can remove from your portfolio in this week's episode of Managing Your Financial Future!…
 
When the stock market behaves erratically, it can create a lot of fear and anxiety among investors. Large swings to both the up and down side are what is known as volatility, and, like turbulence in an airplane, it can make people jittery and prone to making rash moves. Stocks are always volatile in the short run. But stock market investing should never be a short-term play. So why does volatility get all the headlines? The more important aspect of stock market investing should not be trying to manage volatility (because you can't); rather, it's about managing risk. You should never confuse volatility with risk, especially if you have a strategy that's designed to deal with it. Find out more as podcast host Johnny Dean talks with his guest, "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!…
 
It's a fact that many people are not aware of: your wealth accumulation strategy should be vastly different from your wealth distribution strategy. In fact, they require very nearly opposite skills. Building your nest egg requires you to use the market volatility to your advantage, using various means like dollar cost averaging and buying through the many market downturns. But keeping your nest egg means avoiding that volatility over the short term so that your cash flow in retirement isn't interrupted by those same market downturns. How are those two disciplines different? Learn more from podcast host Johnny Dean as he speaks with his guest, "Professor" Rick Plum, CFP® on today's episode of Managing Your Financial Future.…
 
The Bucket Strategy® is both simple and complex. It’s simple in the sense that there’s a short-term, midterm, and long-term bucket, and maybe a couple of others, depending on your needs. The complexity begins when you need to determine which assets should go into which buckets. There are many things to consider: time frame, taxability, income needs, and available assets, to name a few. How do you determine what to put into each bucket? We’ll tackle that question today. Tune in to podcast host Johnny Dean and Rick “The Professor” Plum, CFP® as they answer this all-important question on Managing Your Financial Future!…
 
If stocks are inherently risky, and if you're retired and you're risk-averse, doesn't it make sense to lessen your exposure to the stock market as you get older? That's the logic behind certain "rules of thumb" that say the older you are, the less money you should have in stocks. But that logic is faulty. It assumes that everyone's situation is the same, and, even worse, that people should be selling stocks in order to fund their short-term income needs. It's time to revisit this idea. Could it actually be better to own more stocks in retirement? Get the details from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!…
 
Social Security retirement benefits are the bedrock of guaranteed income for most American retirees. It forms the income basis that helps to build the rest of your portfolio's withdrawal strategy. So it makes sense to ask the question: at what age should I begin taking my retirement benefits? Everyone eligible for benefits has a "full retirement age" at which benefits may be paid out. You may also take them earlier and receive a reduced benefit, or you may take them later for an enhanced benefit. Figuring out the "best" age to start those benefits depends on a number of factors and can be complicated. And that's why we're talking about it today! Find out what you need to know about when to start your Social Security benefits from podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on today's episode of Managing Your Financial Future!…
 
Very few things in life are universal, especially when it comes to finances. What’s right for one person may be completely wrong for another. Yet there are certain lessons with money that everyone could benefit from knowing, no matter what a person’s individual circumstances may be. After careful review, we’ve narrowed them down to six. What are the six financial lessons that everyone should know? Find out from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on today’s episode of Managing Your Financial Future!…
 
You may have noticed that real estate prices have been ticking up at a steady rate for the past several years. For many people, that means they have no choice but to take out a mortgage. At the same time, there are those who have either enough current gains or enough cash on hand to consider buying a home with cash. Having the cash to pay for a home, versus investing that amount and taking out a mortgage, is something of a dilemma. Some people like the security of owning a home outright, but there are also those who believe they can earn more than the cost of the mortgage through savvy investing. Which way may be potentially right for you? Should you pay cash for your home or take out a mortgage? In this episode of Managing Your Financial Future, podcast host Johnny Dean and "Professor" Rick Plum, CFP® talk about what you need to consider before making that big decision!…
 
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