Taxes in Retirement Part 2: How are my retirement accounts taxed when I die?
The taxation of your retirement accounts is always a big concern. In part 2, we look at the tax implications of those 401k and IRA Accounts when you die.
The taxation of your retirement accounts is always a big concern. In part 2, we look at the tax implications of those 401k and IRA Accounts when you die.
How is your income taxed in retirement? Today we look at a basic case study to show you how their income will be taxed. We look at what they face now, and when they get to the required minimum distribution age.
Not all of us retire when we plan. Sometimes the decision is made for us. Today we look at the situation of Hank and Becky. Hank was laid off right before his 60th birthday. Can they make it work, or will they be forced to find a job somewhere else?
We spend our working years saving for retirement. There comes a point where we will need to turn those savings into an income stream. How much can you take from your savings and not run out of money? Is the 4% rule still valid? Is there a “magic number” we can all use to figure out if we have saved enough?
You can look at retirement in three phases: the go-go years, the slow-go years, and the no-go years. Nobody knows exactly how long each of those will last, but when we start to think in those terms, it can change how you approach planning for that next chapter of your life.