Podcasts Business Investing Your Money, Your Wealth Creating Tax-Free Income in Retirement - 22

Creating Tax-Free Income in Retirement - 22

Published: April 16, 2016, 6 p.m.

Big Al Clopine, CPA and Joe Anderson, CFP\xae share more ways to create tax-free income and savings in retirement in episode 22 of the YMYW podcast. Find out how the recent Social Security changes in 2016 affect your taxes and what other taxes in retirement you might encounter. Original publish date April 16, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro

01:14 \u201cNow that you have your claiming strategy dialed in, have you thought about what the taxation will be on your Social Security? It will depend on a few things\u201d

05:03 \u201cYou want to be looking at Roth conversions because if you can prepay some taxes while you\u2019re in lower or even similar tax brackets, you can stay out of higher taxation later\u201d

09:02 \u201cIt\u2019s all about putting yourself in the driver\u2019s seat when it comes to taxes. I would say the majority of folks don\u2019t give it much thought; at this time of the year they just pay their taxes and think that\u2019s the best they can do\u201d

14:40 \u201cDid you know that if you go on vacation and do Airbnb, as long as the visitors stays [at your house] less than 14 days, it\u2019s tax-free income\u201d

15:01 \u201cHere are your choices [for tax-free states to live in]: Nevada, Washington, Texas, Wyoming, South Dakota, Tennessee, New Hampshire and Alaska\u201d

20:03 \u201cHere\u2019s a survey done by the American Institute of Certified Public Accountants\u2026they asked folks about the next president and asked what the priority should be from an economic standpoint\u201d

24:20 \u201cThe more income you make the higher your [Medicare] premiums are\u2026so could they do something with that for Social Security?\u201d

33:06 \u201cRoth conversions offer a possible solution to help clients manage taxes in retirement\u201d