One of the most underutilized provisions in the U.S. tax code is Section 72(t) of the Internal Revenue Code — the rule that allows you to take penalty-free withdrawals from an IRA or retirement account before age 59½ through a series of Substantially Equal Periodic Payments (SEPP). For early retirees, career changers, or anyone who…
A SIMPLE IRA (Savings Incentive Match Plan for Employees) is a workplace retirement account offered by small businesses as a lower-cost alternative to a 401(k). If you have a SIMPLE IRA from a current or former employer and are considering moving those funds into a Gold IRA — a self-directed IRA that holds physical precious…
If you are approaching Medicare eligibility and have a sizable retirement account, there is a cost most financial planning guides overlook: the Medicare Income-Related Monthly Adjustment Amount, known as IRMAA. This surcharge can add $500 to $1,000 or more per month to your Medicare premiums — and the income that triggers it is calculated two…
Federal employees enjoy one of the most secure retirement benefit systems in the country — but security is not the same as flexibility. FERS and CSRS pensions provide reliable income, and the Thrift Savings Plan offers competitive low-cost index fund investing. What the federal retirement system lacks is exposure to physical assets. For federal employees…
If you work for a state or local government — or for certain non-profit organizations — you may have access to a 457(b) deferred compensation plan. Less well known than the 401(k) or 403(b), the 457(b) has unique advantages that make it an excellent foundation for retirement savings planning. And for governmental 457(b) participants, rolling…
Inheriting an IRA can be one of the most significant financial events of your life — and also one of the most confusing. The SECURE Act of 2019 and SECURE 2.0 Act of 2022 fundamentally rewrote the rules for inherited IRAs, eliminating the “stretch IRA” strategy for most beneficiaries and introducing mandatory 10-year distribution timelines….
Washington State offers one of the most retirement-friendly income tax environments in the country: there is no state income tax, which means Social Security benefits, IRA distributions, 401(k) withdrawals, and pension income are all completely free from state taxation. For pre-retirees whose wealth is concentrated in tax-deferred retirement accounts, Washington’s no-income-tax structure is a significant…
Arizona has long been one of America’s most popular retirement destinations — and its tax structure plays a meaningful role in that appeal. With a low 2.5% flat income tax, full Social Security exemption, and no estate or inheritance tax, Arizona offers a retirement tax environment that compares favorably to most states. But it’s not…
If you’re planning your retirement in Nevada — or considering relocating there — you’re looking at one of the most tax-friendly states in the country. Nevada imposes no state income tax, which means your Social Security benefits, pension payments, 401(k) withdrawals, and IRA distributions are completely free from state taxation. For pre-retirees focused on maximizing…
Florida is the most popular retirement destination in the United States — home to more retirees per capita than any other state. The appeal is no mystery: no state income tax, warm weather, no estate tax, and a robust healthcare infrastructure built around serving an older population. If you’re planning retirement in Florida, here’s your…