Taxes for Retirees

Income taxes are affected when you turn 65, go on Medicare, start your Social Security check, start drawing down your IRA, possibly need long term care, and leave money to your spouse or kids.

There are simple ways to minimize the tax of your estate—if you know the mechanics of how various assets are valued and the details of tax law. There is great value in consulting with an expert; mistakes are costly.

Questions we can answer

Taxes in Retirement

We are forward looking tax planners. Tax planning in retirement is balancing Social Security income, taxable IRA and 401(K) withdrawals, Roth IRA withdrawals, pension income, and withdrawals from regular savings to meet your income needs. Cardinal helps you find the balance that minimizes your total income tax paid.

Cardinal Lessons on Taxes

2025 Federal Income Tax – Brackets and Rates

In this video, Hans Scheil and Tom Griffith break down the 2025 tax brackets, explaining how they are adjusted for inflation and what this means for your retirement planning. While the tax rates remain unchanged, the brackets themselves have shifted, creating opportunities to optimize your tax strategy. Hans and Tom are here to simplify complex financial topics so you can make confident decisions for your future. Thanks for watching!

Capitalize on Low Tax Rates 2024 & 2025

Join us as we dive into crucial financial strategies to capitalize on current low tax rates before they rise in 2026! Hans Scheil and Tom Griffith discuss why NOW is the time to plan your financial future wisely.

2024 Tax Planning

Today, we're diving deep into 2024 tax planning strategies. Join us as we break down the latest tax rates and show you how proactive planning can significantly reduce your tax bill over time. Whether you're nearing retirement, a couple managing joint finances, or navigating the complexities of single-income planning, this video is packed with insights to help you keep more of your hard-earned money. We'll walk you through essential concepts like capital gains rates, ordinary income tax brackets, and strategies for optimizing your tax liabilities. Our goal is simple: empower you with the knowledge to make informed financial decisions now, so you can enjoy greater financial security in the future.

The Income Tax is the New Estate Tax

Welcome to Cardinal Advisors! In today's lesson, we delve into why income tax has become the new estate tax. With over 48 years of experience, we understand the inevitability of estate planning and minimizing tax burdens for beneficiaries. Join us as we explore strategies to navigate these complexities, especially as tax laws evolve. Check out the detailed board discussion in the link below for insights into planning ahead and optimizing your financial future.

Tax Problems? IRS Enrolled Agent

Welcome to today's Cardinal lesson! Are you facing tax issues? Maybe it's an IRS notice or managing tax affairs for a deceased relative. Join us for insightful case studies as we dive into the role of an IRS enrolled agent—a crucial ally in resolving tax challenges. What exactly is an enrolled agent, and how can they assist you? Our guest, Chris Cherico, an accomplished enrolled agent, will explain everything you need to know.

2026 Income Tax Increase

Back in 2017, the Tax Cuts and Jobs Act brought significant tax reductions, but they're set to expire at the end of 2025. That's right around the corner, folks. Despite all the talk, the law of the land states that tax rates will revert to 2017 levels unless Congress acts fast, which, let's face it, is unlikely. Join Hans Scheil and Tom Griffith as they break down the current tax brackets, explore potential strategies, and shed light on how these changes could impact your financial future. From Roth conversions to estate planning, we've got you covered.

Financial Planning and Investment Management

Join us in today's insightful discussion as we explore the intricate relationship between Cardinal, our team, and Brookstone Capital Management (BCM). In this detailed video, we shed light on how financial planning and investment management are handled through our partnership with BCM, a registered investment advisor under the Investment Act of 1940.

How Much Income Tax Do Retirees Pay?

Welcome to today's Cardinal lesson, where we look into a topic that's crucial yet often overlooked - navigating taxes in retirement. Contrary to common misconceptions, the tax landscape shifts significantly once you retire. This isn't your usual tax talk; it's about strategizing to pay less and keep more of your income once you hit retirement.

2024 Income Tax Brackets, Roth IRA Conversion

In today's episode of Cardinal Lessons, we are discussing the world of taxes. This video is a must-watch for anyone with traditional IRAs or 401(k)s, as we explore the concept of the IRS being your "silent partner" in these accounts. We're here to teach you how to minimize your tax obligations and efficiently manage your retirement savings. We will share invaluable insights on how to strategically "buy out" this silent partner, focusing on Roth conversions and the optimal use of tax brackets to ensure you pay the least amount of taxes over the lifespan of your money. Check out our video!

7 Worries – Retirement Planning

Welcome to our special video where we explore the essence of what we do at Cardinal. Our journey on YouTube started somewhat accidentally, but it's blossomed into a thriving community. Today, we focus on the core of our mission: addressing the seven critical worries in retirement. These worries aren't just about what keeps you up at night; they're about making informed decisions in pivotal areas of your retirement planning, often in your 60s, but sometimes earlier or later.

The 2024 Medicare Tax-IRMAA-High Income People

Welcome to our comprehensive guide on the 2024 IRMAA (Income-Related Monthly Adjustment Amount) changes and how they impact Medicare costs. If you're nearing 65, already on Medicare, or simply curious about how income affects Medicare premiums, this video is a must-watch!

Income Tax – Life Insurance, Annuity, Hybrid LTC

Today, Hans and Tom are discuss annuities, life insurance, and hybrid long-term care. Each of these financial products serves a unique purpose and has its own set of tax rules and benefits. It's crucial to understand how these products fit into your overall financial plan and how they can benefit you and your family. Always work with a trusted financial advisor to ensure you're making the most informed decisions for your personal circumstances. If you found this video helpful, be sure to hit the "Like" button, subscribe for more financial insights, and drop any questions you may have in the comments below. Thanks for watching!

The Cardinal Guide To: 62+ Taxes

Listen to learn:

Up to 85% of your Social Security can be taxed depending on your “other taxable income” in a given year. In 2021, if your combined income is above $25,000 as an individual, or above $32,000 as a couple, some of your Social Security check will be taxed. State taxes on Social Security vary, with some states completely excluding Social Security from state income tax and others taxing it as regular income.

Medicare applies a surcharge to higher-income beneficiaries. IRMAA, or the Income Related Monthly Adjustment Amount, is an additional tax charged on your Part B and Part D monthly premiums. In 2021, if you make over $88,000 as an individual, or $176,000 as a couple, you can be subject to IRMAA charges.

Purchasing long term care insurance has tax benefits. Not only are the benefits paid to you tax-free, but there is a way to deduct some of the premiums paid for long term care insurance.

IRAs and 401(k)s allow you to postpone income taxes, but you can’t avoid income taxes altogether. RMDs must start by age 72. RMDs increase your taxable income, and possibly increase your Social Security and Medicare taxes. Consider using a Roth IRA, or a Roth IRA conversion, to reduce your taxable income in retirement.

There are income taxes even in death. If you leave a traditional IRA or 401(k) to your heirs, they will have to pay the income taxes before they can use the money.