#124 - The basics of taxes and tax planning in retirement

Retirement Planning Education, with Andy Panko

Andy Panko

Annuities, Taxes, Ira, Retirement Planning, Social Security, Roth Ira, 401k, Pension, Investing, Financial Planning, Roth Conversion, Tax Planning, Education

2.4 • 671 Ratings

🗓️ 7 November 2024

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

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-taxableRequired Minimum Distributions ("RMDs") from both your own accounts and inherited accountsHow to pay taxes in retirement: withholdings vs making estimated paymentsGifting tax-efficientlyMaking charitable donations tax-efficientlyOverview of common long-term tax planning strategies:Delaying Social Security and distributin...

Transcript

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0:00.0	Let's talk about the basics of taxes and tax planning in retirement in this, the 124th episode of the
0:06.4	Retirement Planning Education Podcast.
0:12.0	Welcome to the Retirement Planning Education Podcast, where you can learn all about IRAs
0:16.9	and Roth IRAs, employer retirement plans, taxes, Social Security, Medicare, portfolio
0:22.5	withdrawal strategies, annuities, estate planning, and much more. And now here's your host, Andy Panco.
0:29.4	Hello everybody. Welcome back. Thank you as always for tuning in and listening. I greatly appreciate it.
0:34.7	Today I'm going to talk about the basics of taxes and tax planning slash tax management
0:40.0	and retirement.
0:41.4	I've got to be honest, I'm cheating.
0:42.5	This was a presentation I did at the Rock Retirement Club's annual in-person meetup in
0:48.8	September, just a couple months ago.
0:50.6	And I presented on this topic here to, I don't know, there's 100 people,
0:54.6	100 plus people maybe in that session where it was a recap of sort of the considerations to
1:00.6	have about taxes and tax planning and retirement. It's sort of an intro that ties together.
1:05.1	A lot of things I've talked about in detail before, or you may have heard about or read about
1:09.1	through other my content sources or
1:11.2	other places for that matter. This is kind of a tie it altogether sort of intro to intermediate
1:16.7	level discussion of things to know about taxes and tax management and tax planning and
1:21.9	retirement. So for any one of these things, I'm hoping some of you out there, some of this may not be of interest to you,
1:28.6	some maybe stuff you already know, but I'm hoping there's at least something or maybe a few
1:31.9	things in today's chat that some little piece of nugget or wisdom that you take back, that
1:36.4	applies to you that makes you realize that something you should dig into more or you learn something
	...

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