During pre-retirement, most people are in saving mode. They’re putting away as much money as they can before leaving the workforce. Sitting down with financial advisors to develop an accumulation strategy is paramount. But that’s not the only financial strategy that should be devised. Retirement income distribution should be part of the strategy. Taking funds…
Retirement Income Distribution Strategies
February 10, 2023
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How Much Retirement Income Can I Make Without Paying Taxes?
Paying taxes was something you did most of your life. Now that you are getting closer to retirement, you dream of a time when taxes are no longer something you have to pay. Besides, you want to keep as much of your retirement savings and Social Security in your pocket as you can. Although it…
Retiring? These States Won’t Tax Your Distributions
It can be difficult to afford retirement, especially when your retirement income is taxed. In addition to taxing Social Security benefits, the federal government taxes income from 401(k) retirement plans, traditional IRAs, and pensions. Additionally, most states tax retirement income to some extent. A dozen states, however, do not tax 401(k)s, IRAs, or pensions, which…
Alternatives to Annuities
October 5, 2022
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You may be attracted to the idea of receiving a lifelong income after retirement. Unfortunately, pensions are disappearing. Only 31 percent of Americans currently retire with defined benefit pension plans. While 84 percent of people receive Social Security Old Age, Survivors, and Disability Insurance (OASDI) benefits, it was never intended to be their sole source…
Best Time of the Year to Retire for Tax Purposes
By Brian Baker From Bankrate Retirement is a goal nearly everyone hopes to reach someday. People spend decades working, saving, and investing to meet their retirement goals, and achieving those goals is a real accomplishment. But how do you know when’s the best time of the year to retire? The time of year you choose to retire…
Treasurer Considers Adding More Flexibility to Superannuation System
Treasurer Josh Frydenberg is considering whether to introduce more flexibility into the nation’s retirement saving system. Speaking on Feb. 27 at a retirement income forum hosted by the Council on the Ageing (COTA), Frydenberg signalled that the government would like to see more “flexibility” in the sector to allow people to better balance their working life and…
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