Tom King
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Commit to Your Data Privacy in Retirement
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As we wrap up tax season, it’s a good time to consider your data and privacy. Often, data collectors say that the vast amount of information they take in is tightly secured or anonymized before it is packaged and resold. However, MIT researchers discovered in 2018 that individuals could be identified by combining two anonymized…
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Get in the Right Mindset for Retirement
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Switching your mindset is one of the most challenging things about getting ready for retirement. You’ll no longer be getting a salary. You’ll be living off the money you’ve spent your whole life saving. This change can be hard for people to wrap their heads around, and the recent experiences of inflation and market turmoil…
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To Convert, or Not to Convert to Roth IRA: Tax Is the Question
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When planning for retirement, it has long been known that taxation is one of many associated mazes. Like the labyrinth of legend, tax law constantly changes with time and often seems purpose-built to instill confusion. The question on many recent and future retirees’ minds is whether to pay taxes now or pay them later. The…
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Confidently Navigating Changes in Retirement
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No matter how organized you are, things don’t always go as planned when preparing for retirement. The truth is most people have to retire earlier than they had envisioned due to an unexpected event. It’s natural to feel a sense of apprehension and not have all the answers right away. The good news is finding…
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A Look into the World of Cost-Basis Step-Ups
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Cost basis (n.): The original value of an asset used for tax purposes, adjusted for corporate actions, distributions, wash sale rules and income reallocation. Seems straightforward, doesn’t it? But this simple number can make a big difference when it comes to taxes. The Internal Revenue Service uses your cost basis to calculate how much you’ve…
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Tailor Your Taxes for Retirement
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After a fruitful career and plenty of practice paying taxes, you may feel prepared for the tax man in retirement. But a review of your post-retirement taxable income may yield some surprising insights. Examining your position can help you design ways to optimize your current investment strategy. Taking a new look at both fixed and…
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The Psychological Side of Spending Your Retirement
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It turns out many pre-retirees are so focused on accumulating assets that they never really think about actually withdrawing and using the money. Saving funds and using funds are a big difference, a different mindset and a different investing style. Studies show that many retirees aren’t drawing down their retirement portfolios, opting instead to live…
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Mitigating Surtaxes
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Every investor should have a thoughtful tax strategy, and for those that exceed certain income thresholds, proactive planning is all the more important. Individual taxpayers with modified adjusted gross income (MAGI) of $200,000 face a 3.8% net investment income tax on the lesser of their net investment income amount or the amount by which their MAGI exceeds…
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The Backdoor Roth IRA: A Very Little Key May Open a Very Heavy Door
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Charitable donations and contributions to IRAs are well-worn entryways when it comes to offsetting taxable income, but as a high earner, you may not realize that you can also take advantage of the tax diversification offered by Roth IRAs – even if you earn more than IRS contribution limits technically allow. Reviewing Roth A Roth…