Hi Andy I have one more question I have $400K in Roth IRA Also $500 K in high yield savings account I’m living in apartment which I like very much without all the hassle from Owning home But rent is kept going up and I was Thinking buy $400K Condo Am I making right decision ? I’m 65 and 75( husband ) retired I need your advise Thank you always
@RetirementPlanningEducation
2 ай бұрын
Thanks for the question but, sorry, I can't give specific advice on things like this. Without knowing the entirety of your financial and life circumstances, I can't say what the best choice would be for you
@markamytraver5762
2 ай бұрын
AARP has a great estimator on line.
@coachhannah2403
2 ай бұрын
None, but pay estimated taxes instead based on the prior year's income.
@arthurshingler2025
2 ай бұрын
Don't forget to determine your tax bracket too... AND filing status (single, jointly with Spouse, etc....)
@peter-hr1gl
2 ай бұрын
for me it depends on your income sources and mindset. So many people are used to living paycheck to paycheck and having tax withholding on auto-pilot. To have to manage that process and understand taxation and how/when to pay income taxes is daunting to many. If your sources of income are basically pension, social security, and/or annuity income and you have the ability to have withholding done from any/all sources, that may make the most sense for you if you are very comfortable with that since it mirrors what you did your entire working life. If your primary source of income in retirement will be withdrawals from your investable assets (retirement and non-retirement accounts), it may make more sense to have withholding done when withdrawals are made, particularly if you are challenged in understanding when/how to pay tax quarterly. So it's very specific to the individual and their situation and how much they want to manage the taxation process.
@RetirementPlanningEducation
2 ай бұрын
well said!
@arthurshingler2025
2 ай бұрын
I've seen max withholdings of 22% available.
@stevelopez372
2 ай бұрын
After I got slapped with WEP reduction on my social security, I opted out of asking them to figure a taxation reduction. I let my tax person figure it out. Lol.
@Satjr35031
2 ай бұрын
About 10-12% for around 70% of people receiving SS
@verwilliams1
2 ай бұрын
Thank you!
@strikerz2912
2 ай бұрын
Nothing, don’t pay tax on my social security
@gregspeth7910
2 ай бұрын
30%
@RetirementPlanningEducation
2 ай бұрын
For some people, it would be nice if that much could be withheld. But that’s not an option to do that much
@Satjr35031
2 ай бұрын
Most people will fall in the 10-12% Federal tax bracket
@charlesscott1849
2 ай бұрын
This didn’t help
@RetirementPlanningEducation
2 ай бұрын
Thanks for the feedback. What in particular were you hoping would be shared in the video?
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