{"id":26456,"date":"2022-10-12T10:05:09","date_gmt":"2022-10-12T10:05:09","guid":{"rendered":"https:\/\/c1mdevsite.com\/braunability.com\/5-ways-to-minimize-taxes-on-your-retirement-savings\/"},"modified":"2022-10-12T10:05:09","modified_gmt":"2022-10-12T10:05:09","slug":"5-ways-to-minimize-taxes-on-your-retirement-savings","status":"publish","type":"post","link":"https:\/\/c1mdevsite.com\/mdctraining.ca\/5-ways-to-minimize-taxes-on-your-retirement-savings\/","title":{"rendered":"5 Ways to Minimize Taxes on Your Retirement Savings\u202f"},"content":{"rendered":"<div><img decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/c1mdevsite.com\/mdctraining.ca\/wp-content\/uploads\/2022\/10\/pexels-karolina-grabowska-4386367-scaled-e1665391029485-768x512-1.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"taxes sign with money\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" loading=\"lazy\" srcset=\"https:\/\/c1mdevsite.com\/mdctraining.ca\/wp-content\/uploads\/2022\/10\/pexels-karolina-grabowska-4386367-scaled-e1665391029485-768x512-1.jpg 768w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/10\/pexels-karolina-grabowska-4386367-scaled-e1665391029485-300x200.jpg 300w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/10\/pexels-karolina-grabowska-4386367-scaled-e1665391029485.jpg 800w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\"><\/p>\n<p><span data-contrast=\"none\">It\u2019s important to remember that your tax obligations do not end after your retirement. In fact, tax obligations far outlive your working life and directly impact the stability and security of your retirement. Without proper planning, taxes can cut into your available retirement income and leave you with less to live on than anticipated.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Smart retirement tax strategies can help minimize your taxes during your retirement years, but you have to lay the groundwork in the years before your retirement. By providing reliable guidance on tax planning and compliance related to your retirement funds, our tax professional at <a href=\"https:\/\/watershardy.com\/about\/\" target=\"_blank\" rel=\"noopener\">Waters Hardy<\/a> can help you establish a solid foundation. <strong>Our team provides complete tax preparation services and customize each situation for your retirement needs.<\/strong> It begins with understanding the rules for how your sources of retirement income will be taxed.\u00a0 <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"none\">Start with a Tax Plan<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<ul>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"2\" data-list-defn-props='{\"335551671\":0,\"335552541\":1,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Wingdings\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0d8\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Long-range tax planning<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">Long-range tax planning provides a big-picture overview of your tax goals from year to year. Having a long-range tax strategy in place will guide the decisions you make about how much you should withdraw from different accounts from year to year. Also, you need to know how to coordinate your sources of income with your Social Security benefits to deliver more after-tax income.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"2\" data-list-defn-props='{\"335551671\":0,\"335552541\":1,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Wingdings\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0d8\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Annual tax planning<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">Annual tax planning involves assessing your tax plan throughout the year. <strong>An annual tax strategy includes addressing how tax rates and deductions can change each year.<\/strong> For example, uncovering some tax planning opportunities in the fall can positively impact your tax savings as early as spring.\u00a0<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"none\">5 Things You Can Do Now to Minimize Taxes on Your Retirement Savings\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<h3><b><span data-contrast=\"none\">1. Contribute to 401(k), Roth 401(k), IRA, or Roth IRA<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<ul>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"16\" data-list-defn-props='{\"335551671\":0,\"335552541\":1,\"335559684\":-2,\"335559685\":1080,\"335559991\":360,\"469769226\":\"Wingdings\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0d8\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><b><span data-contrast=\"none\">401(k)<\/span><\/b><span data-contrast=\"none\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":1080}'>\u00a0<\/span><span data-contrast=\"none\">With a 401(k)-retirement savings plan, you defer paying income tax until you withdraw the money from the account. <strong>You can defer taxes <em>up to<\/em> $20,500.<\/strong> You will get an immediate tax break because less money will be withheld for income taxes if the contributions are made via payroll deduction.\u00a0<\/span><span data-ccp-props='{\"335559685\":1080}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"16\" data-list-defn-props='{\"335551671\":0,\"335552541\":1,\"335559684\":-2,\"335559685\":1080,\"335559991\":360,\"469769226\":\"Wingdings\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0d8\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Roth 401(k)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"none\">The contribution limits are the same, but the tax treatment is different. <strong>You don\u2019t get an <em>immediate<\/em> tax break on your contributions.<\/strong> However, you can contribute after-tax dollars and accumulate tax-free withdrawals after age 59 \u00bd from an account at least five years old. You can withdraw the balance tax-free in retirement because the investment earnings within the account are not taxed each year. <\/span><span data-ccp-props='{\"335559685\":1080}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"16\" data-list-defn-props='{\"335551671\":0,\"335552541\":1,\"335559684\":-2,\"335559685\":1080,\"335559991\":360,\"469769226\":\"Wingdings\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0d8\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><b><span data-contrast=\"none\">IRA<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":1080}'>\u00a0<\/span><span data-contrast=\"none\">With this strategy, you can put off paying income tax up to $6,000.\u00a0\u00a0 IRA tax deductions are phased out for 401(k) participants who earn between $68,000 and $78,000 individually and $109,000 and $129,000 for couples. The tax break is phased out if the couple\u2019s income is $204,000 to $214,000 if only one spouse has access to a 401(k) plan at work.<\/span><span data-ccp-props='{\"335559685\":1080}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"16\" data-list-defn-props='{\"335551671\":0,\"335552541\":1,\"335559684\":-2,\"335559685\":1080,\"335559991\":360,\"469769226\":\"Wingdings\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0d8\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Roth IRA<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":1080}'>\u00a0<\/span><span data-contrast=\"none\">Up to $6,000 can be prepaid on income tax using a Roth IRA. You can qualify for tax-free investment growth and tax-free withdrawals in retirement by contributing to a Roth IRA for at least five years. Roth IRA contributions are phased out if your adjusted gross income in between $129,000 and $144,00 as an individual and $204,000 to $214,000 as a married couple.<strong> People who earn more may still be eligible to convert traditional retirement account assets to a Roth.<\/strong><\/span><strong>\u00a0<\/strong><\/p>\n<p><b><span data-contrast=\"none\">Avoid Early Withdrawals<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"12\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":1800,\"335559991\":360,\"469769226\":\"Courier New\",\"469769242\":[9675],\"469777803\":\"left\",\"469777804\":\"o\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"none\">IRA and 401(k)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":1080}'>\u00a0<\/span><span data-contrast=\"none\">There is a 10% tax penalty with withdrawals made before age 59 \u00bd for IRAs and age 55 for 401(k)s.<\/span><span data-ccp-props='{\"335559685\":1800}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"10\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":1800,\"335559991\":360,\"469769226\":\"Courier New\",\"469769242\":[9675],\"469777803\":\"left\",\"469777804\":\"o\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Working Past Age 70<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":1080}'>\u00a0<\/span><span data-contrast=\"none\">If you\u2019re still working into your 70s or later and don\u2019t own 5% or more of the company sponsoring the retirement plan, some 401(k) plans will allow you to delay withdrawals until you retire.\u00a0<\/span><span data-ccp-props='{\"335559685\":1800}'>\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">After age 72, to avoid the 50% tax penalty, you are still required to take minimum distributions from IRAs and 401(k) accounts associated with previous jobs.<\/span><span data-ccp-props='{\"335559685\":1800}'>\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">2. Make Catch-up Contributions<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"none\">Catch-up contributions to retirement accounts can provide an additional tax break for workers age 50 and older. Older workers can also defer taxes on an additional $6,500 in a 401(k) plan for a total tax-deductible contribution of as much as $27,000. IRA catch-up contributions up to $1,000 are allowed for those 50 years old and older. <strong>Moreover, older workers can make as much as a $7,000 tax-deductible IRA contribution. <\/strong><\/span><strong>\u00a0<\/strong><\/p>\n<h3><b><span data-contrast=\"none\">3. Take Advantage of the Saver\u2019s Credit<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"none\">Retirement savers who contribute to a 401(k) or IRA are eligible for a saver\u2019s credit if they earn up to $34,000 for individuals, $51,000 for heads of household, and $68,000 for married couples. However, you can claim this on your retirement account contributions of up to $2,000 ($4,000 for couples) and is worth between 10% and 50% of the amount contributed, with bigger credits going to lower-income savers.\u00a0 You can claim this credit in addition to the tax deduction for a traditional retirement account. <\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">4. Take Required Minimum Distributions<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><span data-contrast=\"none\">IRAs and most 401(k)s require withdrawals after age 72, with income tax due on each traditional retirement account distribution. However, failing to withdraw the correct amount results in a penalty of 50% of the amount that should have been distributed, in addition to the income tax due. Your first required minimum distribution is due April 1<\/span><span data-contrast=\"none\">st<\/span><span data-contrast=\"none\"> or after your turn seventy-two years old. After that, all distributions must be taken by December 31<\/span><span data-contrast=\"none\">st<\/span><span data-contrast=\"none\">\u00a0 to avoid the penalty.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h3><strong>\u00a05. <\/strong><b><span data-contrast=\"none\"><strong>T<\/strong>ime Retirement Account Withdrawals<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"none\">You will have some flexibility in the timing of your retirement account withdrawals and the resulting income tax bill. By spacing out your withdrawals, you can control your tax rate to ensure you stay in a lower tax bracket and avoid a big income tax bill in a year. You don\u2019t have to take distributions yearly and can take penalty-free withdrawals in your 60s. You can minimize taxes on your retirement savings by taking retirement account distributions in a low-earning year.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h2><span data-ccp-props=\"{}\">\u00a0<\/span><b><span data-contrast=\"none\">Retirement Savings Starts with Waters Hardy<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"none\">A successful retirement tax plan without professional assistance can be difficult. Finding a team of experts who specialize in tax planning and compliance is essential. The team at Waters Hardy has vast experience in providing tax preparation services including retirement planning. Learn more about how we can get started identifying tax-planning opportunities that will save you money in retirement.\u00a0 <\/span><\/p>\n<p><a href=\"https:\/\/watershardy.com\/contact-us\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Contact us today.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/a><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/watershardy.com\/5-ways-to-minimize-taxes-on-your-retirement-savings\/\">5 Ways to Minimize Taxes on Your Retirement Savings\u202f<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/watershardy.com\/\">Waters Hardy and Co. P.C.<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s important to remember that your tax obligations do not end after your retirement. In fact, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-26456","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Ways to Minimize Taxes on Your Retirement Savings\u202f - MDC Training<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Ways to Minimize Taxes on Your Retirement Savings\u202f - MDC Training\" \/>\n<meta property=\"og:description\" content=\"It\u2019s important to remember that your tax obligations do not end after your retirement. 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