What are the tax implications of retirement?

America's Fastest Growing Independent Financial Advisory Network
A Nationwide Network of 100% Independent & 100% Objective Fee-Only Financial Advisers

	The-Adviser.com The place to come for answers™

	What are the tax implications of retirement? By The-Adviser.com -
SERVICES Money Management Portfolio Reviews 401(k) Rollovers Retirement Financial Plans Estate Plans College Savings Clients Only WHY US Benefits Available Services "Interview Us" Fee Information Disclosures Applications THE COMPANY Background Philosophy The Press Policies Opportunities LINKS Home Page Related Links Stock Quotes	New York - One of the biggest challenges of being retired is dealing with all the paperwork associated. Consider the following: Paying estimated income taxes- Unless you worked for yourself, you will probably start the process of making estimated tax payments to the Federal and, if applicable, your state government, for income taxes. Payments are required on April 15, June 15, September 15 and January 15. Generally, you need to ensure that you prepay at least 90% of what you actually will owe in the year you are retired or 100% of the prior year's tax amount. No FICA taxes - When you retire or reach the age of 65, Social Security taxes will no longer be withheld. If you get a pension - no FICA taxes will be owed since pensions are not considered income. No FICA taxes are owed on investment income either. Higher standard deduction - If you or your spouse is over 65 -you automatically are eligible for a higher standard deduction. Tax on pension income - Be careful if you move to a new state. Some states attempt to collect income taxes on pension money you earned within their borders, even if you no longer live there. Mandatory withdrawals - When you reach 70 1/2 years, you will need to begin regular withdrawals from your IRAs and qualified retirement plans. Income taxes are owed on these withdrawals. Tax law and issues are every changing and is extremely complicated. Even if you always did your own taxes and plan on doing so when you retired, you should consulting with an independent Fee-Only financial adviser to ensure there are matters that you have not overlooked. About Us The Independent Adviser Corporation is a 100% Independent and 100% Objective Financial Advisory Firm that writes buy-side investment research. Our network of independent Fee-Only Financial Advisers serves individuals, families and businesses. They provide financial planning services, tax advice and offer professionally managed asset accounts. They do not underwrite corporate securities nor do they sell any proprietary products. To find out more or get a FREE consultation Ask The-Adviser.com or call 1-800-ADVISER.	Taxes on MRD and pension distributions are the most tax critical issues you will face. Got an investment question? Ask The-Adviser.com Open a professionally managed account: Brokerage Accounts Traditional IRAs Roth IRAs 401(k) IRA Rollovers 403(b) IRA Rollovers College Savings Retirement Savings Top Ten Investment Picks Financial Advisory Services Money Management Retirement Planning Portfolio Reviews 401(k) Rollover Assistance College Savings Financial Plans
You don't need to be rich to hire a Financial Adviser. Just Smart^™
The Independent Adviser Corporation is a Registered Investment Adviser that specializes in helping individuals, families and businesses develop investment and financial planning strategies. Click here to learn more about our Fee-Only services Do you have a question about your investments? Ask The-Adviser.com