Retirement Starts Today Radio

Tax expert, Andy Panko, joins me today to discuss taxes in retirement. Andy and I know each other from his Taxes in Retirement Facebook group. I figured he would be the perfect person to have on the show to help me answer several questions about this topic. Retirement is one time in life when you can plan for taxes in the long-term, so you’ll want to do as much tax planning as you can. Listen to hear the different types of tax questions that people have about retirement.  Outline of This Episode [2:22] Do spouses have to calculate their RMD’s separately? [8:32] An IRMAA question [15:09] Bill wants to know about the 5-year rule [20:36] How do RMD’s work? [25:10] It’s not what you make it’s what you keep An IRA question Wouldn’t it be easier to combine a husband and wife’s assets and just take one RMD? If a husband and wife have separate 401K’s and IRA’s even though it would seem easier to take those RMD’s together, they must be taken individually. The RMD is based on your age and each IRA and 401K has its ow