- Mercer Advisors, Formerly Epstein & White

6 Tips for Handling Taxes in Retirement

Retirement is a stage in life that many look forward to. However, it comes with its own set of financial challenges, among them being the handling of taxes. Contrary to popular belief, tax responsibilities do not necessarily cease once you retire. Your tax liability may increase if your retirement income sources are not tax-efficient. Understanding how to manage taxes during this period can go a long way in helping you maintain a suitable standard of living. [...]

Rebecca Mack2024-07-31T17:14:44+00:00July 31, 2024|Tax Planning, Taxes|

How Much Do Retirees Really Pay in Tax?

If you’re looking for information to inform your tax planning strategies for your retirement, please read further. Let’s start with the question everyone wants to know: Is it possible to receive income in retirement without taxes? While it may be technically possible, your optimal income sources probably have some type of taxation associated with them.[1] Most retirees have some kind of retirement account in place, and if you are taking money out of that account, it [...]

Rebecca Mack2024-05-29T13:49:41+00:00May 29, 2024|Tax Planning, Tax Strategies, Taxes|

These 3 Tax Strategies Could Help Your Retirement Strategy

Have you been considering the impact taxes will have on your retirement savings? Have you been strategic in managing the effect taxes may have on your financial future? If you answered no to either of these questions, you may want to take a look at the following tax planning ideas. Consider a Roth IRA You make contributions to a Roth IRA with after-tax dollars. So, when you withdraw from a Roth IRA, you don’t have to [...]

Rebecca Mack2024-01-11T20:30:06+00:00January 11, 2024|Tax Planning, Tax Strategies|

Take Advantage of These Tax Strategies Before the Year Ends

We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Because taxes are calculated from January 1st to December 31st of each year, and certain retirement rules and laws reset at the same time, you may have some significant last-minute moves you can make with your money before the tax [...]

Rebecca Mack2023-11-17T15:21:01+00:00November 17, 2023|Tax Planning, Tax Strategies|

Retirement Tax Strategies to Consider

How you handle taxes and when you are taxed are two of the most important factors when it comes to retirement planning. If you are putting together the puzzle pieces of your retirement plan and you are curious about some strategies related to taxes and retirement, here are some possible options: Consider a Roth IRA Roth IRAs allow you to contribute to a certain type of account that is not taxed upon withdrawal as long as [...]

Rebecca Mack2023-07-19T14:11:22+00:00July 19, 2023|Retirement Planning, Tax Planning, Tax Strategies|

3 Tax Optimization Strategies to Remember for Retirement

As you plan for retirement, it's important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023. Consider the Tax Structure of Your State and Locality Consider living in a tax-friendly state.[1] Many states offer tax breaks for retirement income or have no income tax, which can help you reduce your tax liabilities in retirement. Some [...]

Rebecca Mack2023-06-14T14:54:36+00:00June 14, 2023|Tax Planning, Tax Strategies|

Tax Tips for Married Couples

Even as tax season winds down, it’s still important that you consider tax strategy as part of your financial picture. Many couples file jointly, and while it can sometimes help save on your taxes, it isn’t always the best option in each case! Here are some important factors to consider if you are filing taxes as a married couple. Determine if you can file jointly. If you have been recently married and you’d like to file [...]

Rebecca Mack2023-04-27T16:47:25+00:00April 27, 2023|Tax Planning, Tax Strategies|

Quick Tips for Filing Your Taxes This Season

Tax season is fast approaching, so you may find yourself with some important tax questions. This article will cover some of the pitfalls of this process to make sure that you get the most out of your taxes this year. Don’t file too early! You may be eager to file your taxes to get your return as soon as possible, but filing before you have all your documents can actually cause delays in getting your return. [...]

Rebecca Mack2023-03-02T19:09:52+00:00March 2, 2023|Tax Planning, Taxes|

4 Tips for Proper Tax Filing

With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. That's why it never hurts to brush up on the basics involved with filing your taxes. Knowing the most common tax-filing mistakes is critical to [...]

Rebecca Mack2023-02-09T20:03:41+00:00February 3, 2023|Tax Planning, Tax Strategies, Taxes|

3 Strikes to Avoid When Tax Planning

Taxes are among the most common concern for people in retirement. You might be wondering how to start thinking about your tax strategy so you aren’t taxed more than you need to be. These three mistakes can help start the conversation about what a comprehensive tax strategy might look like for you. Taking Too Much Income When you start to approach retirement, you’ll have to start thinking about transitioning from the wealth accumulation stage to the [...]

Rebecca Mack2022-09-12T18:58:34+00:00September 12, 2022|Tax Planning, Taxes|