IRMAA and Medicare: Unmasking the Scary Surcharge for Retirees
Many retirees are unfamiliar with this spooky feature of Medicare, and today I aim to shed some light on this surcharge. While paying extra for Medicare isn't pleasant, our goal is to ensure you're not avoiding important financial planning that could trigger an IRMAA surcharge but prove highly beneficial in the long run.
Navigating Social Security Tax Withholding: A Guide to Form W-4V
I want to focus today on an often-overlooked aspect of the Social Security filing process that could be much easier: federal tax withholding. Many retirees are surprised to learn that their Social Security benefits are subject to federal taxes. In fact, up to 85% of benefits may be taxable, especially for our more affluent clients.
The Quadruple Tax Benefit of Health Savings Accounts for High-Income Earners
As a financial planner working with high-income clients, I often discuss the benefits of Health Savings Accounts (HSAs). While HSAs are typically described as triple tax-free, for high-income households they can effectively offer a quadruple tax advantage.
Types of Taxes Paid By Retirees
Discover the various types of taxes retirees may face and learn strategies to manage your tax burden in retirement. This article covers income tax, Social Security benefits taxation, and more.
3 Ways To Deal With Required Minimum Distributions
Helping clients manage their Required Minimum Distributions (RMDs) is a weekly occurrence. If you have ever contributed to a tax deferred retirement account...