This is great and very useful for what-if scenarios. Would you be willing to post a similar video showing the impacts that a pension can have? I'm a federal employee thinking about retiring and that FERS income will have an impact, too, on looking at distributions from TSP or other investments. Thanks!
@computerwizard1959
6 ай бұрын
Thanks for taking the time to do this!
@jimjensen9139
6 ай бұрын
Very good explanation. One of the few I have seen that is accurate.
@jeffreywright3499
6 ай бұрын
I always appreciate your videos. i wish you used more lower income examples, but still they are very informative.
@77magicbus
2 ай бұрын
Excellent Advice. You guys really know what you are doing and explain it well with the white board, and all the charts for taxes. Thanks. PS ...I hope your knee heals up well. I am 66 and fell about 9 months ago also and twisted my knee. I have no insurance yet as my medicare was too high, but I was lucky and am healing almost 100% now . The first week I had to use a walker. Best.
@CardinalAdvisors
2 ай бұрын
@@77magicbus Thank you
@peterknudson9106
6 ай бұрын
Hans, so very sorry to hear about your fall. I wish for you a quick and complete recovery, as much as possible as we get older. Jimmy Buffet who said growing old is not for sissies.
@williamschwiegeraht2092
6 ай бұрын
Another informative work! Thanks guys!
@davidfolts5893
6 ай бұрын
The whiteboard maestro is back with another outstanding visual to better understand your financial situation.
@mr.j2776
6 ай бұрын
Yes - great visual. I have trouble printing things while seated at a desk - and then I see these whiteboards. .. very neat!
@genxx2724
6 ай бұрын
Single people should pay less tax, because we have to pay all household expenses ourselves. Married people do not have two entire sets of expenses. Plus, when single people need help, we have to pay for it. Married people can help each other with many things.
@johnurban7333
6 ай бұрын
I totally agree. So much easier being a couple for all the reasons you stated and more. Not sure why single people always get the shaft
@chessdad182
6 ай бұрын
A very interesting video. Good to see the different scenarios.
@mr.j2776
6 ай бұрын
Hans - I hope you feel better. I had an accident in 1985 on I-95 - and I still have issues from that. Add that to being older - and - I have to be careful with each step I take. But - we're still moving - and that's a good thing!!!
@CardinalAdvisors
6 ай бұрын
Thank you. Back on the golf course this weekend still wearing my brace.
@bobatl4990
6 ай бұрын
“Getting to keep” Social Security income which has already been taxed is a peculiar way to term it. And to fail to mention that provisional income levels have not been changed since 1982, resulting in more SS being taxed is also a disservice.
@petepenny1009
6 ай бұрын
Check out the proposed "You Earned it, You Keep it" bill.
@OShackHennessy
6 ай бұрын
It’s a miracle if SS is even sustainable long term despite all the cuts
@countdigi
6 ай бұрын
Great video - I think this helps assuage the fears some people get from listening to these sensational Roth IRA videos where at the end you have the impression (I am being slightly hyperbolic) that if you have more than 1000 in your traditional IRA the IRS are going to take the whole thing ;-). The average American is probably going to do well taking the deferral in a 401k/IRA and enjoy a lower overall tax rate when they retire.
@g.t.richardson6311
6 ай бұрын
Well my mom is 90, her RMD is over 120000, plus about 25000 in dividends, plus SS, she paid about 35000 federal tax. I guess it’s better than living on 1100 a month SS
@July.4.1776
5 ай бұрын
@countdigi I would agree the median amount in retirement accounts would support your statement.
@LNCMD2023
25 күн бұрын
@@g.t.richardson6311Great comment. I will also end up with high RMD. I would rather pay the taxes than to be living in poverty .
@chrisshipe8790
6 ай бұрын
I wish you a speedy recovery
@mikeward7290
6 ай бұрын
I’m fortunate enough to be able to draw from a defined contribution plan at the age of 55, that starts November 1st of this year. I still plan on working and saving money. I hope everyone saved enough to have fun in retirement and not be a burden to your family.
@dennislyon5412
6 ай бұрын
Hans and Tom - can you construct one which represents a couple who have an age difference (15 yrs in my case), and how they will progress from one being retired to both being retired?
@CardinalAdvisors
6 ай бұрын
Dennis This is one year 2024 in a lifetime for a couple. Our financial plans project Social Security, Medicare, long term care, IRA/401k, income and investment, and taxes over 2 lifetimes. We have other clients with a similar age difference.
@mohamoudismail9101
6 ай бұрын
In this video the tax benefits of a married couple (over the single) is so evident that I might just go out and "hunt" me a wife. Thanks Tom for the hint.
@KevinWidener-k7h
6 ай бұрын
I've always said, a single person with no kids is one of the highest taxed individuals on the planet.
@cindynelson295
6 ай бұрын
According to the IRS website the standard deduction for married filing jointly over 65 is $30,700 I like your exhibit better but is it correct?
@CardinalAdvisors
6 ай бұрын
$29,200 Married/Joint both under 65. Add $1550 each for both 65+. $29,200 + $1550 + $1550 = $32,300
@cindynelson295
6 ай бұрын
Sorry to belabor this but IRS.gov says the standard deduction is $27,700 for married filing jointly.
@CardinalAdvisors
6 ай бұрын
@@cindynelson295 This is for 2024 returns which will be filed in April 2025. I have rechecked my numbers twice. $29,200 married/joint under 65 both. Add $1550 each if both over 65. Total = $32,300 You might be looking at 2023 numbers. It’s coincidental we came out with this video at 2023 tax filing time. We are financial planners not tax preparers. I apologize if this confused anyone. We post a financial planning video every Tuesday and it’s about taxes every 7 weeks. 1) Social Security, 2)Medicare, 3)Long-Term Care, 4) IRA/401k, 5) Income & Investment, 6) Estate Planning, 7) Income Tax
@jws3925
6 ай бұрын
Wanted to print out the documents you suggested to print. Hit the show notes and there was a 401 error came up and the documents did not come up
@CardinalAdvisors
6 ай бұрын
This is fixed now. Sorry for the inconvenience.
@dancasey9660
6 ай бұрын
Should show one at FRA and one at 70. Only 2 years left on the Trump tax break. Wonder what the $ figures are going to be when the brackets reset in 2026?
@calpark6183
6 ай бұрын
Is the ira withdrawl traditional in your example? I thought withdrawls MUST be taxed if it was traditional.
@CardinalAdvisors
6 ай бұрын
It’s traditional. The one with no tax is wiped out by the $30,000 plus standard deduction.
@jdgolf499
6 ай бұрын
It is taxable income. No different than if it was earned from a job!
@johnurban7333
6 ай бұрын
Why would you do the same income for a couple and a single person when a single person spends less than a couple? Have yet to find a video where people in Finance actually know how the common people spend money.
@markdavis1116
6 ай бұрын
Answer???? Depends on how much income you have coming in….social security, pension, RMD
@petepenny1009
6 ай бұрын
Line 6a indicates there are $93,600 in social security benefits with a taxable amount of $59,380. The taxable amount on combined income of more than $34,000, is 85% of that income. Line 6b should be $79,560 or 85% of $93,600, a difference of $20,180 in taxable income.
@micheleyoungblood
6 ай бұрын
I am confused on that also.
@patclark6032
5 ай бұрын
www.covisum.com/blog/help-clients-calculate-provisional-income-and-see-how-social-security-may-be-taxed . This explains that its not 85% on the whole amount. Part of it is 50% (between 25K and 34K), similar to how marginal tax rates work. I still didn't get 59k, I got 64.7K. But I probably entered something wrong.
@Tamjam2011
6 ай бұрын
Total BS that single people have to pay more in taxes. That needs to change. Two incomes easier life vs one income. Not so called “equitable.”
@taolihsu
5 ай бұрын
Go find a wife and you’re all good to go.
@brownro214
6 ай бұрын
How much income tax do retirees pay? In our case, it is a lot.
@Satjr35031
6 ай бұрын
Then you have a lot of provisional income. Question is what is your overall tax percentage.
Пікірлер: 47