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The Complete Cardinal Guide

TO PLANNING FOR AND LIVING IN

RETIREMENT

WE HELP YOU EMBRACE THE 7 WORRIES IN RETIREMENT

62+ Taxes.

THE CARDINAL GUIDE TO:
Strategizing Income Taxes

￭ Social Security income is partially taxed depending on your other income.

￭ Medicare applies a surcharge to high-income beneficiaries.

￭ Long-term care insurance has tax benefits.

￭ IRAs let you postpone income taxes, but you can’t avoid income taxes altogether.

￭ Investment income is taxed depending on how it is held.

￭ There are income taxes even in death.

￭ Long-term care implications of income taxes: Long-term care costs can be a deductible medical expense that offsets other income.

￭ Get professional help with your income tax preparation.

￭ If you’d like to learn more about the above statements, or if you have any questions, fill out the form below.

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2021 Taxes for Retirees Explained

by | February 18, 2021 | Income Taxes | 0 Comments

When most people think of retirement, they are not thinking about taxes, but almost all forms of retirement income are taxed.  With Tax Day around the corner, we want to give you a breakdown of tax brackets, standard deductions, and how retirement changes your tax...
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How Required Minimum Distributions Increase your Taxes in Retirement

by | December 14, 2020 | Income Taxes | 0 Comments

In retirement, you are on a limited budget. You are living off your life savings and your Social Security check. Any unexplained increase in your tax bill could dramatically affect your finances and cause you to outlive your money.  RMDs, or required minimum...
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How Every State Taxes Differently in Retirement

by | November 12, 2020 | Income Taxes | 0 Comments

Taxes change in retirement. While this is normally due to how you are receiving your income (i.e. Social Security, IRA distributions, etc.), it can also be due to your state's taxes, which can significantly affect how long your savings last.  Cardinal works in all 50...
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When do I need a financial planner along with a CPA in retirement?

by | September 24, 2020 | Income Taxes | 0 Comments

In retirement, keeping your income steady requires planning since you are not receiving a regular paycheck anymore. While you are receiving a Social Security check, you are also going to start living off the savings that you’ve accumulated during your working years....
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3 Tax Benefits of Roth IRAs in Retirement

by | August 7, 2020 | Income Taxes, IRA | 0 Comments

In retirement, taxes change a lot. A source of many of these changes comes from the fact that most retirees are now drawing from their IRAs for income.  Roth IRAs are going to give retirees a triple crown of tax benefits with a proper plan in place for how to use this...
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Selling your home in retirement? You might not have to pay taxes on the gain

by | June 16, 2020 | Income Taxes | 0 Comments

Retirement is full of changes. For many, this means moving homes.  When you sell your house, are you going to be saddled with a huge tax bill? For most, the answer is no. What are Capital Gains? Capital gains are any profit you make when selling any capital asset you...
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Cardinal Lessons with Hans.

Useful Documents.

Get a free download of the Income Tax chapter from both “The Complete Cardinal Guide to Planning for and Living in Retirement” and the “Workbook”!

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