Recent Topics
Update password ?
by meadows
Yesterday at 11:59 PM
Delayed Sleep Phase Disorder
by Reddy45
Yesterday at 11:56 PM
Nissan DLR put 0w20 in car that specs 5w30. worry?
by CrAlt
Yesterday at 10:40 PM
revive Nicd battery
by Donald
Yesterday at 10:27 PM
Need help finding an apartment for friend
by RazorsEdge
Yesterday at 10:07 PM
ceratec with redline 5w30?
by 08z06
Yesterday at 09:53 PM
does your COMCAST modem have weak wifi??
by edwardh1
Yesterday at 09:50 PM
I hate stuck thermostats
by jakewells
Yesterday at 09:49 PM
Mag1 75w90
by SavagePatch
Yesterday at 09:32 PM
Old batteries at HD
by bbhero
Yesterday at 09:27 PM
Buying a CPO Toyota - still get inspected?
by Parlay_Slow
Yesterday at 09:08 PM
Water Pump Paper Gasket With RTV? Longevity?
by nobb
Yesterday at 08:22 PM
Who makes Briggs & Stratton oil?
by spk2000
Yesterday at 08:13 PM
Shure stylus replacement
by aquariuscsm
Yesterday at 07:54 PM
Any 'crazy UCL overdose' fans out there?
by addyguy
Yesterday at 07:11 PM
Source for Castrol Edge Supercar 5w50 oil?
by Rainier42
Yesterday at 06:50 PM
Cherry vs orange hand cleaner
by JHZR2
Yesterday at 06:27 PM
Why buy low mileage tires?
by HowAboutThis
Yesterday at 05:49 PM
Mercury 35-8M0065104 cut open w/ oil change pics
by dlundblad
Yesterday at 05:37 PM
2019 Honda’s miniMOTOs (125cc)
by DuckRyder
Yesterday at 05:18 PM
Newest Members
mostdecent, T1TN, Piper58, dunlop0078, Truth_Syrup
65258 Registered Users
Who's Online
27 registered (boulderdentist, bubbatime, bbhero, AVB, clinebarger, bdcardinal, 3 invisible), 1008 Guests and 36 Spiders online.
Key: Admin, Global Mod, Mod
Forum Stats
65258 Members
67 Forums
285502 Topics
4764667 Posts

Max Online: 3590 @ 01/24/17 08:07 PM
Donate to BITOG
Page 1 of 3 1 2 3 >
Topic Options
#4603336 - 12/14/17 10:08 AM your tax strategy for retirement....
pandus13 Offline


Registered: 08/12/11
Posts: 3176
Loc: Chicago,IL,USA
Hello BITOGers,

What is your tax deferred/legal avoidance strategy now or for your retirement?

Thank you
_________________________
16 Golf SportWagen
13 Mazda5
08 Yaris
04 Elantra
95 accent
95 mystique
97 concorde

Top
#4603342 - 12/14/17 10:13 AM Re: your tax strategy for retirement.... [Re: pandus13]
ZZman Offline


Registered: 03/17/08
Posts: 5765
Loc: Michigan
I don't have one. I pay what they say I owe. Being I don't make huge amounts I don't pay a lot in taxes anyway.
_________________________
2003 Mercury Grand Marquis. Rotella T6 Multi-Vehicle oil
2008 Sebring Hardtop convertible. Rotella T6 Multi-Vehicle oil
2006 Kawasaki Vulcan 900 LT. Amsoil Metric 10w-40

Top
#4603348 - 12/14/17 10:17 AM Re: your tax strategy for retirement.... [Re: pandus13]
SevenBizzos Offline


Registered: 12/10/06
Posts: 693
Loc: The IL
Move out of IL.

Top
#4603349 - 12/14/17 10:18 AM Re: your tax strategy for retirement.... [Re: SevenBizzos]
opus1 Offline


Registered: 12/13/04
Posts: 2497
Loc: Chicago Area
Originally Posted By: SevenBizzos
Move out of IL.

Working on this as well.
_________________________
Current Fleet:

2010 Hyundai Sonata GLS
2009 Chevy Cobalt SS Sedan (yes,the turbo)
2002 Dodge Dakota SXT Club Cab
1994 Ford Ranger XLT (RIP, Dad)

Top
#4603355 - 12/14/17 10:21 AM Re: your tax strategy for retirement.... [Re: pandus13]
CincyDavid Offline


Registered: 03/03/16
Posts: 704
Loc: Cincinnati, OH USA
Still trying to accumulate enough that I can consider retirement...don't want to wind up being the 80 year old codger working as a greeter at WalMart to supplement my income...doing it to get out of the house is a different thing, but NEEDING it would be a drag.

The good news is, I have enough cardiac issues in the family and with me personally that it may be a non-issue. My bride will do just fine.
_________________________
06 Kia Sportage EX greenish gold(ugliest color ever)
14 Honda Accord LX metallic black
16 Honda CR-V EX silver
17 VW Jetta SE black

Top
#4603368 - 12/14/17 10:26 AM Re: your tax strategy for retirement.... [Re: opus1]
pandus13 Offline


Registered: 08/12/11
Posts: 3176
Loc: Chicago,IL,USA
Originally Posted By: opus1
Originally Posted By: SevenBizzos
Move out of IL.

Working on this as well.

Me three!
_________________________
16 Golf SportWagen
13 Mazda5
08 Yaris
04 Elantra
95 accent
95 mystique
97 concorde

Top
#4603381 - 12/14/17 10:36 AM Re: your tax strategy for retirement.... [Re: pandus13]
ArrestMeRedZ Offline


Registered: 11/11/08
Posts: 931
Loc: Las Vegas
1. I retired at 64, just under 2 years ago. Portfolio consists of about 50% real estate and 50% IRA. Rolled over entire 401k to IRA for better options and more control.
2. Have a very small military pension. Value of medical included in that pension is high.
3. Paid off all debt including mortgage shortly after retiring. Starting next year will take standard deduction. Still have the benefit of real estate deductions and depreciation.
4. Delaying Social Security to minimize income while I roll as much ordinary IRA to Roth IRA as possible. This is only feasible if there is sufficient cash on hand or income to handle living expenses and the additional tax. The Roth is important to me because I anticipate 20 years of gains (if I live that long), and I won't have to take out Required Minimum Distributions. This is huge in maintaining flexibility in a changing tax environment.

Top
#4603383 - 12/14/17 10:38 AM Re: your tax strategy for retirement.... [Re: pandus13]
EdwardC Offline


Registered: 11/14/13
Posts: 1862
Loc: Chicago, IL
For starters, max out your 401(k)/403(b)/whatever contributions every year, particularly if your employer matches any amount. My strategy is to max the 401(k), then max out the Roth IRA contributions. The rest pays off the mortgage/student loans, then into the investment accounts, then motor oil stash.

Top
#4603387 - 12/14/17 10:38 AM Re: your tax strategy for retirement.... [Re: pandus13]
CT8 Offline


Registered: 10/09/14
Posts: 10920
Loc: Idaho
Years ago I was told that fools work for their money and the smarter people make their money work for them.
_________________________
"Don't let your preconceived notions get in the way of facts."Geoff Metcalf"

Top
#4603390 - 12/14/17 10:40 AM Re: your tax strategy for retirement.... [Re: pandus13]
Oldtom Offline


Registered: 07/05/14
Posts: 326
Loc: Cecil County Maryland
I have 4 years until Social Security, assuming that Ponzi scheme survives. By that time I will have a paid for home and 3 rentals paid for and generating income. Dealing with low income rentals is rough, but, there is money in it.

I am worried social about security surviving long enough for me to collect. The national debt and the free spending morons of both parties may kill it.

I can see our fearless leaders cutting the ss benefits, or hyperinflating the currency so your SS check buys a bag of groceries once a month.

The only tax strategy I have is live on as little as possible, and seek the advice of good CPA


Edited by Oldtom (12/14/17 10:43 AM)

Top
#4603401 - 12/14/17 10:54 AM Re: your tax strategy for retirement.... [Re: pandus13]
OneEyeJack Offline


Registered: 09/14/10
Posts: 7471
Loc: S California
Whatever you do you should have some cash held out in your hands, cash, gold or whatever in case of a financial rainy day. You should add to the pot even in very small amounts, frequently so it won't hurt. That plan saved my bacon when Lehman Brother's went bust and my portfolio went down the drain about the same time I was diagnosed with pancreatic cancer. Who would have thought either one of these things would have happened, one of the world's largest and oldest bank and a deadly cancer, let alone both at the same time?

My wife was living with me at the hospital helping to take care of me when the IRS foreclosed on our home. I was really struggling, just hanging on and she did not answer IRS letters that she never saw. We had no idea what was happening. He focus was elsewhere and I was in the Twilight Zone. Later, we were finally granted a hearing to pay our taxes and penalties and stop the sale but instead, we received the proceeds of the sale of our home which was a bill for the deficit and a key to a storage locker for our belongs. The house was sold at auction in the middle of the biggest market collapse since I don't know when.

If it was not for my "silly" cash reserve hidden away we would have had nothing. Besides being financially helpful it was good for our mental health, too. So don't ever say there can't be a really bad financial rainy day. You have to admit that no one including yourself is an expert on the economy, investments, and the future especially when the politicians get involved.

Top
#4603410 - 12/14/17 11:02 AM Re: your tax strategy for retirement.... [Re: pandus13]
JTK Offline


Registered: 08/14/03
Posts: 10559
Loc: Buffalo, NY
About half of what I put into my 401K is Roth and other "after tax" contributions.
_________________________
2017 Ram 1500 4x4, 3.6L. 2016 Nissan Quest SV (Babe magnet IV)

Top
#4603426 - 12/14/17 11:21 AM Re: your tax strategy for retirement.... [Re: pandus13]
Drew99GT Offline


Registered: 10/11/02
Posts: 22123
Loc: Colorado Springs
Everything in a Roth IRA and a Roth 401K from my job. Tax free earnings and distributions.

Top
#4603440 - 12/14/17 11:31 AM Re: your tax strategy for retirement.... [Re: SevenBizzos]
Danh Offline


Registered: 10/16/10
Posts: 1744
Loc: .
Originally Posted By: SevenBizzos
Move out of IL.


As Illinois is one of the few states that doesn't tax retirement income (pension plans, 401k and IRA withdrawals, social security, etc.), this answer may not be quite so simple for retirees.

Top
#4603442 - 12/14/17 11:34 AM Re: your tax strategy for retirement.... [Re: pandus13]
Mr Nice Offline


Registered: 09/12/04
Posts: 21173
Loc: Orlando, FL
Originally Posted By: pandus13
Hello BITOGers,

What is your tax deferred/legal avoidance strategy now or for your retirement?

Thank you

Non taxable:
2 Roth IRAs

Taxable:
2 company pensions
2 voluntary pensions
1 military pension

Brokerage account with capital gains taxed
Both SS will be taxed

Top
Page 1 of 3 1 2 3 >