Kansas City is one of the best places to retire. But how is Social Security taxed at the state and local level? Taxes are a major consideration for retirees, so you want to ensure you make the right decisions.
Whether you’re on the Kansas side or Missouri side, state tax laws affect you. We might share a love of the same sports teams (go Chiefs!), but taxes can be different across state lines.
Social Security taxation can be as confusing as it is complicated. As one of the oldest and most critical retirement benefits, Social Security definitely deserves your attention. You also don’t want your Social Security to increase your tax bill.
Your Social Security strategy directly affects your taxes. It’s important to understand the when, why, and how of Social Security taxation.
There are so many different strategies for retirement. It can be overwhelming. Direct indexing is not for everyone, but for the right situation, it can be a real benefit.
Unfortunately, the more you make, the more taxes you pay. It might become one of your biggest concerns in retirement. However, not everything has to be complicated.
Choosing the right time to draw Social Security can feel overwhelming. It’s tempting to draw as soon as possible, yet also nerve-racking to permanently reduce your benefits if you file early. What if you wait to draw at a later age?
Deciding when to file for Social Security is a personal decision. It’s always best to start with your goals and other retirement income sources, then build a cohesive plan.
The “Rule of 55” is a useful tool for early retirement. However, retiring early is a relatively new concept, so the mechanics of withdrawing funds from retirement accounts can be a little complex. If you know the rules and exceptions, you can easily patch together a penalty-free withdrawal strategy to fund your retirement.
We want to preface by saying the starting point isn’t access to your retirement accounts; it’s what you want retirement to look like. This is why going through a comprehensive review like our COLLAB™ Financial Planning Process is a must. You want to uncover your deeper “why” and design your ideal retirement lifestyle before ironing out the nuanced details.
Many employer 401 (k) plans offer an option to purchase an annuity. But should you? This isn’t a decision to be made lightly.
Annuities can be overly complex and expensive products. An annuity can be a useful tool in certain situations, but there’s more to the situation than many people realize. You really need to think through your long-term retirement income and tax situation.
Annuities and required minimum distributions (RMDs) are some of the most confusing and buzzworthy topics in retirement. But do you need to worry about either one? Maybe, maybe not.
Annuities often create confusion because of their complexity and the high-pressure sales tactics used to get you to buy them. RMDs are annoying because nobody wants to be forced to do anything in retirement, let alone pay taxes on top of it. It’s important to understand what type of annuity you’re talking about, whether RMDs are going to be an issue for you, and what alternatives you might have.
Annuities are often sold as "tax-advantaged," but what do taxes actually look like when you’re in retirement? It’s important to understand the "wait now, pay later" nature of tax-deferred growth and annuity taxation. Retirement isn’t the time to get caught off guard by tax surprises.
The name of the game is keeping more of your retirement check and not overpaying Uncle Sam. The first step in maximizing your tax strategy is understanding what you have and how your investments are taxed. This is an essential part of a comprehensive financial plan to make the most of your retirement savings.
Is an annuity you purchased 5, 10, or 15 years ago worth keeping? Many retirees enter retirement with more savings than they need. If you’re not sure you need your old annuity or whole life policy, you’re not alone.
It’s important to evaluate whether your old annuity contract still serves a purpose in your portfolio or if it's dragging down your retirement plan. We want to move beyond the "annuities are good or bad" debate and discover what’s best for your specific situation.
Looking for financial advice can be confusing and overwhelming. But it doesn’t have to be. The financial industry uses ambiguous and overlapping terms, but what do they really mean?
If you’re like most people, you just need an honest answer to tough financial questions. Yet, when you start looking for help, you’re met with a variety of terms like adviser, advicer, manager, and planner – all with the words financial, wealth, fiduciary, and investment added to spice things up.
