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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.

Related Blogs.

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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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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How to Take Advantage of Low Tax Rates for Retirement

by | April 28, 2020 | Income Taxes | 0 Comments

In 2017, the Tax Cuts and Job Act was passed, significantly lowering personal tax rates. While most people see this as an opportunity to get a larger refund check, there is a lot more you can do to take advantage of these rates.  Understanding tax rates, the rate...
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Do I pay tax on my Social Security?

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

When it comes to income tax, a lot changes when you retire. Your money is not coming from a paycheck anymore. Social Security is the baseline of many retirees' income. It is important to know how this benefit will be taxed in order to accurately plan for your...
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How do taxes change in retirement?

by | June 21, 2019 | Income Taxes | 0 Comments

Retirement brings a lot of changes, one of the most significant being the way you are receiving your income. Instead of coming from your employer, you are getting a Social Security check, possibly a pension, and then taking the rest from the saving...
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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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