Page 13 - Leisure Living Magazine August 2017

Summer Time Tax Ideas For You
By Christopher McIntire, President, McIntire Retirement Services www.mcintireretirementservices.com
Well it is coming to the end of the season before too long, not that I wish to rush it along. However, I must admit that Fall is my favorite time of year. I thought we could have some dis- cussion on tax planning for some of you to con- sider through the end of the year.
It has often been said by many of the talking heads in my profession that you will be in a lower tax bracket during your retirement. I don’t know where they saw this written into stone but I di- gress. There is no better tax rate than zero per- cent, can we agree on that at least?
How to get to where we pay zero tax is the hard part. If you have had some type of financial success and have saved in your IRA or 401k type of accounts, you will most likely pay income tax throughout your retirement. Regardless of who
is in the White House or running Congress, we all know that two things are certain...
Using 2017 tax tables, a married couple fil- ing jointly will pay income tax of 10% on their first $18,650 of taxable income. The next brack- et is 15% on taxable income up to $75,900. Tax- able income is IRA withdrawals, most pensions, perhaps part of your Social Security (based on income) and interest earned at the bank and on bonds. There are many more options but you get my point, hopefully.
It is common, if you have no debts, to have your income quite low in retirement and pay little or no taxes. For those of you with larger incomes, you may want to consider converting a portion of
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