Understanding the Consequences of Taxes on Fixed Income

April 10, 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.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com