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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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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?

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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

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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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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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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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