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your tax strategy for retirement.... #4603336
12/14/17 11:08 AM
12/14/17 11:08 AM
Joined: Aug 2011
Posts: 3,345
Chicago,IL,USA
pandus13 Offline OP
pandus13  Offline OP
Joined: Aug 2011
Posts: 3,345
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
Re: your tax strategy for retirement.... [Re: pandus13] #4603342
12/14/17 11:13 AM
12/14/17 11:13 AM
Joined: Mar 2008
Posts: 5,943
Michigan
ZZman Offline
ZZman  Offline
Joined: Mar 2008
Posts: 5,943
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
Re: your tax strategy for retirement.... [Re: pandus13] #4603348
12/14/17 11:17 AM
12/14/17 11:17 AM
Joined: Dec 2006
Posts: 731
The IL
SevenBizzos Offline
SevenBizzos  Offline
Joined: Dec 2006
Posts: 731
The IL
Move out of IL.

Re: your tax strategy for retirement.... [Re: SevenBizzos] #4603349
12/14/17 11:18 AM
12/14/17 11:18 AM
Joined: Dec 2004
Posts: 2,530
Chicago Area
opus1 Offline
opus1  Offline
Joined: Dec 2004
Posts: 2,530
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)
Re: your tax strategy for retirement.... [Re: pandus13] #4603355
12/14/17 11:21 AM
12/14/17 11:21 AM
Joined: Mar 2016
Posts: 775
Cincinnati, OH USA
CincyDavid Offline
CincyDavid  Offline
Joined: Mar 2016
Posts: 775
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)
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Re: your tax strategy for retirement.... [Re: opus1] #4603368
12/14/17 11:26 AM
12/14/17 11:26 AM
Joined: Aug 2011
Posts: 3,345
Chicago,IL,USA
pandus13 Offline OP
pandus13  Offline OP
Joined: Aug 2011
Posts: 3,345
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
Re: your tax strategy for retirement.... [Re: pandus13] #4603381
12/14/17 11:36 AM
12/14/17 11:36 AM
Joined: Nov 2008
Posts: 986
Las Vegas
ArrestMeRedZ Offline
ArrestMeRedZ  Offline
Joined: Nov 2008
Posts: 986
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.

Re: your tax strategy for retirement.... [Re: pandus13] #4603383
12/14/17 11:38 AM
12/14/17 11:38 AM
Joined: Nov 2013
Posts: 1,916
Chicago, IL
EdwardC Offline
EdwardC  Offline
Joined: Nov 2013
Posts: 1,916
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.

Re: your tax strategy for retirement.... [Re: pandus13] #4603387
12/14/17 11:38 AM
12/14/17 11:38 AM
Joined: Oct 2014
Posts: 11,843
Idaho
CT8 Online content
CT8  Online Content
Joined: Oct 2014
Posts: 11,843
Idaho
Years ago I was told that fools work for their money and the smarter people make their money work for them.


2015 Ford F150 2.7
2018 Ford F350 6.2
Re: your tax strategy for retirement.... [Re: pandus13] #4603390
12/14/17 11:40 AM
12/14/17 11:40 AM
Joined: Jul 2014
Posts: 365
Ceciltucky Maryland
Oldtom Offline
Oldtom  Offline
Joined: Jul 2014
Posts: 365
Ceciltucky 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

Last edited by Oldtom; 12/14/17 11:43 AM.
Re: your tax strategy for retirement.... [Re: pandus13] #4603401
12/14/17 11:54 AM
12/14/17 11:54 AM
Joined: Sep 2010
Posts: 7,485
S California
OneEyeJack Offline
OneEyeJack  Offline
Joined: Sep 2010
Posts: 7,485
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.

Re: your tax strategy for retirement.... [Re: pandus13] #4603410
12/14/17 12:02 PM
12/14/17 12:02 PM
Joined: Aug 2003
Posts: 10,780
Buffalo, NY
JTK Offline
JTK  Offline
Joined: Aug 2003
Posts: 10,780
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)
Re: your tax strategy for retirement.... [Re: pandus13] #4603426
12/14/17 12:21 PM
12/14/17 12:21 PM
Joined: Oct 2002
Posts: 22,162
Colorado Springs
Drew99GT Offline
Drew99GT  Offline
Joined: Oct 2002
Posts: 22,162
Colorado Springs
Everything in a Roth IRA and a Roth 401K from my job. Tax free earnings and distributions.

Re: your tax strategy for retirement.... [Re: SevenBizzos] #4603440
12/14/17 12:31 PM
12/14/17 12:31 PM
Joined: Oct 2010
Posts: 1,781
.
Danh Offline
Danh  Offline
Joined: Oct 2010
Posts: 1,781
.
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.

Re: your tax strategy for retirement.... [Re: pandus13] #4603442
12/14/17 12:34 PM
12/14/17 12:34 PM
Joined: Sep 2004
Posts: 21,633
Orlando, FL
Mr Nice Offline
Mr Nice  Offline
Joined: Sep 2004
Posts: 21,633
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

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