It's been a long time since we've seen inflation-adjusted interest rates above zero Since the Fed began hiking interest rates investors can once again earn attractive returns on cash But as Peter with Richon Planning explains to Erin Kennedy you may be earning less money than you think after accounting for inflation and taxes Instead of socking your money away in CDs treasuries or Money Market accounts Peter suggests you consider Buffered ETFs which can offer full principal protection Also unlike cash and cash alternatives Buffered ETFs don't generate taxable interest Instead you get much more favorable capital gains treatment [... more]

We talk a lot about the benefits of Roth accounts A Roth IRA allows you to save for retirement with after-tax dollars That means you pay taxes on your contributions now but your withdrawals are tax free in retirement There are also several benefits to inheriting a Roth IRA as Peter with Richon Planning explains to Erin Kennedy the distributions are tax-free and they won't affect your taxable income However with a few exceptions you'll still have to drain the inherited account within years If you are inheriting a Roth IRA here's a quick action plan Understand your beneficiary type [... more]

Fueled by COVID lockdowns and the rise of commission free brokerages like Robinhood online trading or day trading has seen a huge rise in popularity in the last few years However according to several recent financial studies almost all day traders lose lots of money particularly after accounting for fees and taxes If you're considering self-directed investing peter with richonplanning and erinkennedy break down the pros and the cons and Peter offers these considerations before you create an online trading account Consider Your Approach and Expectations if your expenses are covered by income and you are making contributions downturns can [... more]

Many retirees are surprised to learn that above a certain income Social Security is taxed In retirement it's important to know how all your income streams will be taxed and how to mitigate those taxes In this video Peter with Richon Planning explains strategies to Erin Kennedy Convert to a Roth IRA Consider Shifting Income Investments Delay Claiming Your Social Security Benefits Another strategy to consider is a Qualified Charitable Distribution Determining which strategy is right for you is a very personalized calculation and it's something we specialize in at Richon Planning For your detailed and personalized retirement tax plan [... more]

Having a tax-efficient withdrawal strategy in retirement can save you thousands of dollars A good strategy will minimize the total taxes paid over the course of your retirement which will increase your wealth and the longevity of your portfolio In this video Peter Richon with Richon Planning and Erin Kennedy break down two very different strategies traditional and proportional The traditional approach has you spend your retirement money in this order taxable tax deferred tax exempt On the other hand the proportional withdrawal method would have you take a proportional amount from all of your accounts While certain headlines will [... more]

For almost every retiree their biggest fear is running out of money You want your retirement to be a fitting reward to a lifetime of hard work But it's hard to know exactly how much money you'll need to achieve your unique retirement goals without sacrificing your quality of life In this video Peter with Richon Planning and Erin Kennedy break down the three biggest risks to your retirement nest egg Longevity Risk Today a couple at age has a chance of living beyond Changes to Social Security The government will have to make changes to Social Security if the [... more]

If you're nearing the age to take Required Minimum Distributions or RMDs and you want to avoid the extra income and its tax implications Peter Richon with Richon Planning and Erin Kennedy break down three strategies to consider Peter recommends these strategies to help reduce your tax exposure Consider taking distributions as early as possible Roth Conversions Qualified Charitable Distributions or QCDs Keep in mind RMDs are income so taking those distributions can boost your taxable income and your income taxes for the year which is why strategic tax planning is so important If you have any questions about these [... more]

Hans and Robby discuss tax-free retirement savings and the three different tax characterizations or situations your money might be in including a taxable account a tax deferred account or a tax-free account Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com Find us on YouTube Cardinal Advisors [... more]

The federal government spent trillions of dollars to help individuals and businesses suffering from coronavirus shutdowns But we rsquo re now left with the question what parts of those stimulus packages are taxable On the next Moneywise Live hosts Rob West and Steve Moore have answers about taxes and the CARES Act Learn what rsquo s taxable and what rsquo s not on the next MoneyWise Live at pm Eastern pm Central on Moody Radio [... more]

IRMAA or Income Related Monthly Adjustment Amount is a Medicare tax on the wealthy IRMAA is a surcharge on Part B and Part D It is based on your income from your tax returns years prior so in that is 's tax return Hans talks about clients he has had that are normally surprised and angry about the charge While some clients income has changed dramatically in years and therefore are able to appeal the charges others just have a significant income in retirement If that is the case while it does not make sense to do your financial planning [... more]

Everyone's IRA is different but yet they are still taking advice and facts from their friends and family Hans and Robby address this issue as well as all the options you have for making the most of your IRA by lowering your taxable income not receiving penalties and handling required minimum distributions First up is penalties for required minimum distributions Some people have this idea that they never want to pay taxes so they are not going to touch their IRA This is a mistake as not taking out distributions after is going to land you with a huge penalty [... more]

In Luke Jesus praises the shrewd manager who stole from his boss He says I tell you use worldly wealth to gain friends for yourselves so that when it is gone you will be welcomed into eternal dwellings Many people tend to waste their wealth by not dealing shrewdly Hans and Robby discuss how to apply these principles to income taxes especially in retirement Paying more taxes than you should because you have not planned correctly can be wasteful You should not cheat on your taxes but with proper planning you can make sure you don't pay more than you [... more]

This tax season returns might look very different for a lot of Americans This week Hans and Robby talk about what differences people and older might see Social Security is the biggest difference for people in this age bracket If your only income is Social Security you will pay no income taxes on this money If your other taxable income is small you will pay some tax on that income but still none on your Social Security benefit Only when you reach higher levels of other income does your Social Security benefit become taxable It is important to note that [... more]

There's a lot of confusion surrounding the taxation of Social Security Join us as we seek to clear up the confusion on the podcast Click the link for more in-depth reading in a recent blog post https mrstillmansopus com taxes social-security-taxation [... more]