Get to know how various retirement accounts are taxed, learn how to avoid tax penalties and reduce your taxable income annually. In this episode of “Your Money, Your Wealth” Joe and Al discuss reducing your tax liability during retirement. You may not have complete control over how much the market brings in, but one thing you can control is taxes.
Later in the episode, the topic shifts to required minimum distributions (RMD) and how you can delay your RMD so your income isn’t too high bringing you into a higher tax bracket. If you’re expecting a high income year, tune in to the latter half of the episode to learn how to lower your taxable income.
Joe and Al wrap up the show with 401(k) and Roth IRA contribution changes for 2015 and discuss how to avoid the 10% early withdrawal penalty from your retirement accounts. It’s all right here on “Your Money, Your Wealth.”
