For Your Benefit

Understanding the Consequences of Taxes on Fixed Income

June 5, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes John Jilek, CFP®.  Are you thinking about retiring soon?  Do you understand the consequences of taxes on fixed income? Tune in to this program to enhance your understanding of the following:

  • Tax Withholding 101 for Federal employees. Be prepared to fully understand how you are taxed at the Federal, State, and Local levels.
  • Unwinding the myth of retirement in a lower tax bracket. It just doesn’t happen for FEDs.
  • Understanding the taxation issue associated with TSP pretax contributions and growth.
  • Roth TSP contributions. It’s not too late, take advantage of this before you retire to build a tax-free nest egg.  No – You don’t make too much income to contribute.
  • Consider a team of professionals to help you through the critical years transitioning from working income to retirement income.
  • The Secure Act and Secure Act 2.0 may not favor you or your beneficiaries. Make sure you plan appropriately.

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