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How Much Can You Safely Withdraw from Your Retirement Portfolio?
Saving your entire career to ensure you have a comfortable nest egg in retirement is all for naught if you spend those funds too quickly.
What Is the Rule of 42?
When crafting and managing your investment portfolio, one of the fundamental goals is to maintain a diverse array of components. A varied selection of holdings is typically designed to seek growth and manage volatility. Most likely, you have some professional help to guide you in this journey, but you also probably influence the process in large and small ways and educate yourself on current thinking about investing.
Do You Pay FICA on Retirement Income?
Questions about retirement income taxes tend to confuse many taxpayers, especially when the topic is specific to Social Security and other pension-related income. After all, the taxpayer has been watching those deductions subtracted from their pay for many years, expecting to finally enjoy watching the money flow back in during retirement, right? Well, not so fast. Most retirement income is subject to income taxes, including FICA.
How Is Retirement Income Taxed Per State? Part 5
When you're planning your future, you should have a clear understanding of what your taxes will be. Keep in mind that some states will tax 401(k) and IRA account income without taxing Social Security benefits. How will income be taxed across states? Here is a guide on how retirement income is taxed in 10 states.
What Is Retirement Income 1099-R?
The U.S. Internal Revenue Service employs various forms to share information with taxpayers about what it knows concerning their income. One of these “form families” is a series of 1099 forms. For example, the 1099-INT reports interest income you have received, 1099-C is for canceled debts, 1099-H involves Health Coverage Tax Credit Advance Payments, and the 1099-MISC communicates miscellaneous income not classified elsewhere. The 1099-MISC is often used to report money paid to an independent contractor by a company that is not the contractor's employer. The IRS requires most of these forms to be sent by the payer by January 31 of the year after the payment was made.
How Is Retirement Income Taxed Per State? Part 4
While your expenses will likely decrease once you reach retirement age, many retirees don't factor in potential taxes when budgeting out what their future expenses will be. Many states choose to tax some or all retirement income. You may also live in a state that doesn't tax any type of retirement income. Here’s an overview of how some states tax income.
How is Retirement Income Taxed Per State? Part 3
Whether you have recently retired or are nearing retirement age, you'll likely be thinking about your long-term financial situation. Before you start withdrawing from your 401(k) or spending your Social Security benefits, keep in mind that your retirement income can be taxed depending on the state you live in. Each state has different laws that dictate how retirement income is taxed, some of which are detailed in the following guide.
How is Retirement Income Taxed Per State? Part 2
If you're starting to think of retirement, you may be looking forward to moving past the daily commute and grind that are currently part of your everyday life. Whether you want to move to a different state or are content with staying where you are, the largest expense that most people have after reaching retirement age involves income taxes. However, many states keep retirement income taxes to a minimum. If you live in a state with high retirement income taxes, making a move in the near future may be beneficial. Here's a closer look at the retirement laws in 10 states and how they differ.
Who Should Manage My Retirement Portfolio?
Retirement is one of life’s most significant milestones, up there with the birth of a child and getting married.
How Is Retirement Income Taxed Per State? Part 1
Whether you're currently making large contributions to your IRA account or want to know what's going to happen to your Social Security benefits, you should know how retirement income is taxed in the state you live in. Every state has different requirements and laws related to retirement income taxation. While some states hardly tax any retirement income, other states tax almost all income types. This guide takes a closer look at how some states tax retirement income and if these taxes are balanced by property and sales taxes.
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