Everand Logo

Welcome to Everand!

  • Kiplinger

    5 Ways to Increase Your After-Tax Spendable Income - and Legacy

    by Jerry Golden, Investment Adviser Representative, President, Golden Retirement Advisors Inc. May 16, 2019 5 minutes

    Over dinner with friends a few nights back, they expressed concern about how the recent tax law changes increased their federal income taxes. New rules limit the amount of property and state income taxes that can be deducted -- and they live in a high-tax state. Other than moving, there's not a lot they can do -- or so they thought.

    Like most taxpayers, I am a fan of legally minimizing your income taxes. But I think -- if you are retired or about to retire -- you should concentrate less on minimizing taxes and more about increasing after-tax spendable income and your financial legacy to heirs. Sounds like a non-sequitur, but it isn't.

    As an example, you could invest your entire savings in high-quality intermediate-term municipal bonds and pay no taxes on interest earnings. But you would earn something like 2.5% (or $25,000 on $1 million in

    You’re reading a preview, subscribe to read more.

    More from Kiplinger

    Kiplinger5 min read
    As the Market Falls, New Retirees Need a Plan
    Anyone newly retired or nearly so must feel like they have the worst timing in the world. A portfolio tends to be largest near retirement, just before those savings are about to be drawn down. These days, however, most portfolios have lost value; the
    Kiplinger2 min read
    Tax-Savvy Charitable Giving With QCDs Can Benefit Both Giver and Receiver
    Plenty of retirees like to give back to their communities through charitable donations, but questions often arise over the best way to do that. What approach is efficient, provides the tax benefits you’re after, and also is advantageous for the chari
    Kiplinger3 min read
    I’ve Inherited a Lot of Money. Now What?
    It’s no surprise that many people who inherit millions of dollars are uncertain about what to do with their newfound wealth. The possibilities of becoming a multimillionaire overnight can be overwhelming, especially during a period when most are grie

    Related