Episode #102-Early Retirement, NOT In A Lower Tax Bracket, & Defining Your Financial Security

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Today’s Smart Money Question:

We’ve got a few listener questions on the docket for today. First up, we’ll discuss Abe’s question about being forced into an early retirement. Should he get another job? What items should he address before he is no longer receiving a paycheck? We’ll also answer Blair’s question about tax brackets in retirement. What is the real outlook on future tax rates, and how should we prepare? Finally, we’ll take a look at how you can define financial security for yourself.
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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

3:30- Early Forced Retirement At Age 57

  • Abe in Maryland is being forced into retirement at age 57. He is getting a pension but wants to know if he should get another job or take withdrawals from his IRA’s.

 

10:06- Lower Tax Bracket In Retirement?

  • Blair in Florida said that he heard he will be in a lower tax bracket in retirement and that he should put in as much money into his 401(k) as possible. Now he is retired and is NOT in a lower tax bracket. All of his savings is going to be taxed as ordinary income. He wants to know where he went wrong!

 

20:57- What Does Financial Security Mean To You?

  • Matt talks about how important it is to define what financial security means to you prior to retirement. Are you going to have to work part time to pay the bills or maybe just get a part time job to stay busy? What about giving to charity or spoiling your grandkids; how much can you actually give while remaining financially secure?

 

27:00- What Is Your Greatest Accomplishment?

  • Matt wants you to think about what is your greatest accomplishment?

 

Additional Podcast Episodes: 

Early Retirement Complications- https://smartmoneyquestions.com/podcastposts/episode-75-early-retirement/

Rule of 55 -https://smartmoneyquestions.com/podcastposts/episode-99-roth-ira-follow-up-and-inheriting-something-i-dont-want/

Secure Act- https://smartmoneyquestions.com/podcastposts/episode-100-secure-act-gifting-vs-inheriting/

401(k) Questions- https://smartmoneyquestions.com/podcastposts/episode-35-common-401k-questions/

Tax Workshop Video- https://smartmoneyquestions.com/retirement/tax-savvy-retirement-strategies/

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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003

 

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