Retirement & Eldercare

4 Must-Read Tips For Reducing Retirement Taxes & Improving Your Lifestyle

7/21/2022

Whether you're a current retiree or you're approaching retirement age, retirement taxes are probably on your mind. Taxes can be complex at any stage of life, but retirement planning often doesn't include tax preparation, which can make seniors feel overwhelmed when they file their returns with the IRS and the state.

Here, you will find four must-read tips for reducing retirement taxes and improving your overall lifestyle during your golden years. You've worked hard for decades, and you deserve to enjoy your retirement - don't let high taxes be the reason why you struggle to make ends meet!

Before we dive in, it's essential to understand what required minimum distributions (RMDs) are. The IRS provides the following guidelines regarding RMDs:

You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 701/2. However, changes were made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act which was part of the Further Consolidated Appropriations Act...If your 70th birthday is July 1, 2019 or later, you do not have to take withdrawals until you reach age 72. Roth IRAs do not require withdrawals until after the death of the owner.

Your required minimum distribution is the minimum amount you must withdraw from your account each year.

You can withdraw more than the minimum required amount.

Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts).

1. Begin drawing from your accounts early.

One of the easiest ways to reduce your tax liability in retirement is to begin drawing from any eligible accounts early. Once you reach age 59 1/2, you can start withdrawing from IRAs and other retirement accounts without a tax penalty.

This is a great way to reduce how much you owe once you actually retire, especially if you expect to be in a lower tax bracket. Taking larger distributions before age 72 will lower your overall account balance, thereby reducing your RMDs down the road.

Furthermore, taking from your retirement funds early may allow you to delay enrolling in Social Security benefits. The longer you are able to put off enrollment past your full retirement age, you could see a significant increase in your monthly benefit.

2. Look into a Roth IRA conversion.

Roth IRAs can be a great option for retirees, but it's important to talk to your CPA before making any financial decisions regarding your retirement accounts. Roths allow account holders to withdraw funds 100% tax-free, which is ideal for those who want to avoid RMDs completely.

Most traditional retirement accounts can be easily converted to Roth IRAs. It is important to note that retirees who go this route do have to pay taxes on the conversion the year it occurs. However, in many cases, it is worth this one-time tax hit to save money in the future.

3. Take a look at your beneficiaries.

Assessing your beneficiaries is a little-known way to reduce your RMDs if you meet specific qualifications. If your spouse is at least 10 years younger than you, and you name them the sole beneficiary of your account, you may be able to lower your required minimum distribution burden.

To learn more about how this works, visit the IRS-provided Joint Life and Last Survivor Expectancy Table (IRS Publication 590-B, Table II).

One specific anecdote explains how this situation can work - and how it can't:

The client was age 72 and his wife was 48. That table would produce a joint life factor of 36.6 years, resulting in a $54,645 RMD. If he had to use the regular Uniform Lifetime Table (Table III), that factor would be 25.6 years, producing an RMD of $78,125: $23,480 higher, or a whopping 43% increase in taxable income!

However, there was a problem. The client didn't want his wife to actually be the named beneficiary, but he did want to use the joint table and save on the taxes. So his plan was to name his wife as the beneficiary on Dec. 27 and then remove her as the beneficiary on Jan. 3 next year. He thought that if she was the named beneficiary on the last day of the year, he would qualify to use the joint table and significantly lower his RMD tax bill.

That won't work, not to mention what would happen if he died during those few days over New Year's when his wife was the named beneficiary. Then she would inherit his IRA, which he did not want.

As previously mentioned, the spouse must be the sole beneficiary to use the Joint Life Table, which, again, can only reduce retirees' RMDs in certain cases. Your CPA can help you understand if this is an option for your retirement plan.

4. Consider working longer.

A final, and perhaps incredibly obvious, way to lower your RMDs in retirement is simply to work longer. As long as you have an active 401(k) with your current employer - and you are still working on at least a part-time basis - you are not required to take RMDs.

However, this exception isn't applicable to former employers' 401(k) accounts.

If you'd like to discuss any of these options for lowering your RMD burden in retirement, or learn about other popular options like making charitable contributions, please contact the Gordan McNamee team today.

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Gordon W. McNamee

Gordon W. McNamee is a Certified Public Accountant (CPA) based in Rancho Cucamonga, CA. Gordon W. McNamee can assist you with your tax return preparation, payroll, accounting and tax planning needs. <br /> <br /> 2021 is Gordon W. McNamee, CPAs 38th year in the profession. As as a former IRS agent (1984 through 1987), Gordon has been in public accounting since 1987. Gordon specializes in individual, corporate, HOA, trust, estate and payroll taxes. He also prepares financial statements and provides accounting & bookkeeping services. He enjoys making his clients feel at ease while providing a personalized professional service.

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Liability Limitation and Usage Guidelines for TaxBuzz AI:
Limitation of Liability:

TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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