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How to Plan for Taxes in Retirement 2024

Learn how to manage taxes in retirement! Discover strategies for withholding, reducing tax liability, and planning across all stages of retirement. SUBSCRIBE to our channel for more retirement insights: https://www.youtube.com/c/Sensiblemon... Taxes continue in retirement, but with careful planning, you can manage them effectively. Join us for this free webinar, where Dana Anspach will cover strategies for withholding, reducing lifetime tax liability, and practical tax planning across all phases of retirement: while contributing, taking withdrawals, and rebalancing investments. Plan ahead to minimize taxes and make the most of your retirement savings! What to watch next: How to Plan for Healthcare Costs in Retirement 2024    • How to Plan for Healthcare Costs in R...   Related links: FREE REPORT: 4 Things Near Retirees Must Know About the 4% Rule https://www.sensiblemoney.com/four-pe... FREE REPORT: 10 Worst Money Moves for Near Retirees https://www.sensiblemoney.com/retirem... Control Your Retirement Destiny: Download Chapter 1 for Free https://www.sensiblemoney.com/control... For more expert insights and personalized retirement planning, visit our website: https://www.sensiblemoney.com/ Schedule a complimentary consult: https://www.sensiblemoney.com/premeet... 0:00 - Intro 3:51 - Basics 23:51 - Opportunity Years 1:00:08 - Strategies 1:20:58 - Q & A #RetirementPlanning #FinancialRetirementPlanning #TaxPlanning Two clarifications we’d like to make. 1. How to avoid underpayment penalty when doing a year-end Roth conversion. An attendee asked a question about how to avoid an underpayment penalty tax when doing a Roth conversion year-end. The answer is, assuming that without the Roth conversion, they would not have already incurred a penalty, then can pay enough in their 1/15 quarterly payment to avoid the underpayment penalty, using the annualized method (instead of the equal installment method) to calculate the safe harbor quarterly payments. How to pay all taxes at year-end. 2. We discussed a strategy of withholding all taxes from an IRA near year-end in an amount sufficient to cover the entire year’s tax liability (and avoid any underpayment penalty.) This withholding is itself a taxable distribution, so you need to account for that in calculating the total taxable income and tax owed for the year. You would not do this if you are under age 59 ½ as this distribution would also incur an early withdrawal penalty tax. DISCLOSURES This presentation is for informational purposes only and is not a solicitation to buy or sell securities or provide investment advice. Sensible Money, LLC (“SM”) is a registered investment adviser. Registration does not imply endorsement. For information on SM’s services and fees, you can find our disclosure documents at https://adviserinfo.sec.gov/firm/summ.... Charts or examples are for illustration only and do not guarantee future results. Past performance is not indicative of future outcomes, and investing involves risks, including the possibility of loss..