Just like how the principal of Roth IRAs can be withdrawn tax-free & penalty-free, the same can be done with Backdoor Roth IRAs & Mega Backdoor Roth 401ks if certain rules are followed.
Social Security benefits may be taxable depending on your income level in retirement, and if you decide to take SS early before your full retirement age, you may receive a reduction in benefits if you are still working.
Backdoor Roth strategies which allow high-income earners to still contribute to a Roth IRA and potentially super-contribute to their Roth 401k.
An explanation of the IRMAA surcharge for Medicare Part B & D, and how you can avoid or lessen the amount you owe.
An explanation of the various components of Medicare, what you’ll need to know before signing up, and how you can shop around for a plan.
Retirement accounts can be accessed before 59.5 in a variety of ways that avoids any early withdrawal penalty.
The SECURE 2.0 Act, signed into law on December 23, 2022, has an extensive list of changes relevant to retirement planning. The following is a brief overview of some of the changes:
Typically, health savings accounts (HSAs) are used as savings accounts for medical expenses, providing tax-deductible contributions and tax-free withdrawals.