EPISODE #071

THIS IS WHAT HAPPENS WHEN YOU ADD IRA TAX BENEFITS TO YOUR RETIREMENT PLAN

PERSONAL FINANCE TIPS DELIVERED DIRECTLY IN YOUR INBOX

Subscribe today and get strategies you can use right away.

By submitting your name and email you are allowing us to store your personal data and send you emails
5 Ways Your Wealth Is Under Attack book

5 WAYS YOUR WEALTH IS UNDER ATTACK

If you want to stop the attack, you'll want to get your copy.

The 19 Sources of Retirement Income: IRA Income

In this IRA tax benefits episode, John continues his series on the 19 Sources of Retirement Income, explaining how to strategically use IRA income along with other income sources in retirement.

John is the author of 5 Ways Your Wealth is Under Attack and It’s Your Wealth – Keep It.” He has lectured extensively on financial planning and is a recipient of the Five StarSM Wealth Manager Award.

Don’t miss John’s key points:

  • Standard IRA income is important in your plan, but it should be equal to your non-qualified income. If your qualified vs non-qualified balance is not 50/50, your plan may be inefficient.
  • Qualified plans (in this case traditional IRAs) are tax-deferred, meaning they benefit you the most if you end up in a lower tax bracket in retirement.
    • Contributions to traditional IRAs are tax-deductible. Depending on your income level, you can deduct a portion or all of your contributions.
    • Withdrawals from traditional IRAs are taxed according to your regular income tax bracket.

And more:

  • Required Minimum Distributions (RMDs) from your IRA, which now begin at age 72, could throw you into a high tax bracket.
    • That’s why it’s important to know what bracket you’re currently in, how much money you’ve already accumulated in every account, and where you will be in retirement if you change nothing about your plan.
  • Many current tax laws are going to sunset in 20205. These include the current tax brackets and the higher standard deductions. The sunsetting tax laws will also affect real estate taxes, deductions of state and local taxes, and mortgage interest deductions. When they revert, these deductions could help you offset your IRA income.

For more, listen here. Then download our 19 Sources of Retirement Income and find out more ways to increase your retirement income. You’ll also find other great resources on our website such as our Navigate Financial Pressure guide. If you are new to Smallwood Wealth, schedule a Wealth Curve Conversation by clicking this link.

You can also connect with us on social media, or call us at (800) 797-1000. Set up a free, no-obligation 30-minute phone call with an advisor today.

* This award should be subjectively bestowed, and the process of its receipt readily explained by objective data.
Investment Advisory Services provided by Smallwood Wealth Investment Management, LLC, an SEC registered investment advisor. Headquartered at 199 Broad Street, Red Bank NJ 07701-2056. Securities offered through Purshe Kaplan Sterling Investments, Member FINRA/SIPC Headquartered at 80 State Street, Albany, NY 12207. Purshe Kaplan Sterling Investments and Smallwood Wealth Investment Management, LLC are not affiliated companies.

Talk to a Smallwood Wealth Management Financial Advisor

No Cost, No Obligation.

IRA Tax Benefits_Podcast Thumbnail

SHARE

Talk to a Smallwood Wealth Management Financial Advisor

No Cost, No Obligation.

SUBSCRIBE

To go deeper on the insights from Smallwood Wealth Management, request your FREE COPY of 5 Ways Your Wealth Is Under Attack 

Everyone is impacted by these 5 problems. The question is, how big are yours? What impact do they have on your wealth potential? CLICK HERE TO GET THE BOOK

LIKED THAT? YOU MAY WANT TO CHECK THESE OUT:

All
  • All
  • Business Ownership
  • Debt
  • Disability Insurance
  • Financial Planning
  • Insurance
  • Investment Management
  • Life Insurance
  • Retirement
  • Wills and Trusts
EPISODE #088

DOES YOUR QBI COME WITH SALTED BAIT?

Episode #105

The Foundation of a Financial Plan

Episode #104

A Conversation About Market Volatility

Episode #102

The Wealth Curve Conversation

Episode #101

Looking Back in Order to Get Ahead

Episode #100

The Swiss Army Knife Strategy for Inflation

Episode #099

Social Security Stupidity (Part 2)