Tips for Planning Your Retirement: Taxes in Retirement

LONGMEADOW, Mass. (Mass Appeal) - There are ten things you should know when planning your retirement. Each week we'll share a new tip with you. This week, Dylan Bond, Owner of Bond Financial Services, explained part eight, taxes in retirement.

Bond Financial Services
175 Dwight Road, Suite 301
Longmeadow

(413) 754-4747
BondFinancialServices.com

10 Things You Should Know When Planning Your Retirement Income:

Tip #1. Plan for a Long Life:
Tip #2. Health Care Expenses Will Increase
Tip #3. You'll Need a Housing Plan
Tip #4. Plan for Long-term Care Assistance
Tip #5. Inflation May Matter More in the Future
Tip #6. Transition Your Goals
Tip #7. Social Security Benefits

Tip #8. Taxes in Retirement:

Social Security
Social Security benefits are income-tax free for the majority of beneficiaries. However a portion may be taxed if your combined income falls within established thresholds.

Annuities

• Combined income includes your adjusted gross income, nontaxable interest and half of your Social Secuirty benefits.
   
• Annuity income is considered a combination of return of principal and earnings, and only the earnings are taxed as ordinary income.
   
• If the annuity is purchased with pre-tax dollars in a qualified contracts (such as a 401K) the entire payout is subject to income taxes since the contributions were never taxed.

Upcoming Investment Seminars - "7 Fundamental Strategies to NOT Outlive your money":
Designed for people 50 and older with questions about retirement income planning.

• April 2nd and 10th
  Villa Rose Restaurant
  Ludlow
   
• April 24th and 30th
  Tuckers Restaurant
  Southwick

For more information call (413) 754-4747 or visit BondFinancialServices.com .