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Navigating Tax Withholding - A Guide for Retirees
Manage episode 408754141 series 2810299
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In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Taylor discuss navigating tax withholding for retirees. When you retire, you have various sources of income, and you can choose to either withhold the tax on them, make estimated tax payments throughout the year, or do a combination of both.
Listen in to learn about your tax withholding options regarding your social security benefits, pension income, and IRA distributions. You will also learn about sources of income not eligible for tax withholding, plus how to avoid tax penalties after selling a highly appreciated asset.
In this episode, find out:
● Understanding tax withholding and how it differs from estimated tax payments throughout the year.
● The options you have when it comes to tax withholding on your social security benefits.
● The process available and information needed for tax withholding on your pension income.
● Understanding the default and other tax withholding options available to IRA distributions.
● Sources of income not eligible for tax withholding and the tax options available for them.
● Pay attention to the next estimated tax due date when you sell a highly appreciated asset to avoid penalties.
● All the information we need to know to advise you accordingly and avoid any tax surprises during tax season.
Tweetable Quotes:
● "Paying estimated taxes periodically demands foresight and a significant time commitment. Your CPA can assist you in projecting the quarterly payments necessary."- Taylor Wolverton
● "Upon retiring, there may be several years of transition as you establish diverse income streams, with social security being merely one aspect of this process."- Taylor Wolverton
Resources:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.
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