A triple tax-free benefit United Pilots have available to us - our retiree health account- the RHA. This investment account is one of the greatest tax-favored accounts a person can have. The trifecta of tax benefits: money goes in tax free, it grows tax free and when used to pay qualified medical expenses when you leave United, it comes out tax free.
I’m talking about United PRAP (401k) to IRA rollovers upon retirement.
Help United Pilots manage taxes in retirement with Qualified Charitable Distributions (QCDs). Changes to QCD rules due to the SECURE act are not reflected in this video. United Wealth Management Specializes in PRAP Management and financial planning for Pilots at United Airlines.
One way to help manage your income both before and during retirement is to do Roth IRA conversions. This is a simple process that allows you to move money from tax deferred accounts like a IRA, your United Pilots PRAP to a Roth IRA. In general, the amount that you convert is added to your income for that year and will be taxed at that year’s tax rate. But then the money in Roth IRAs grows tax free and comes out tax free.
This video is about Required Minimum Distributions and how they may apply to retirement planning and PRAP Management for United Airlines Pilots.
When it comes to helping your investments last as long as they can in retirement you must plan how and when you will use taxable, tax-deferred, and tax-free assets to manage your income and tax brackets efficiently. You cannot be haphazard about tapping your tax deferred savings. Timing is everything - that is as it relates to the stage of retirement you are in and which accounts you pull from and in what order. If you don’t plan carefully, through all stages of retirement, you may encounter unintended tax consequences.
In this video I’m talking about Medicare costs and surcharges - how to avoid the medicare cost cliff. Unlike tax brackets where your taxes go up progressively with income. Medicare can impose a surcharge for an entire year if your income falls only $1 dollar above certain thresholds. It’s called IRMAA and you need to know what it is about.
People far too often pay more taxes in retirement than they need to because of confusing rules and surprises in the tax code. This video series is going to tell you how to avoid costly mistakes and minimize tax surprises in order to withdrawal more and help your portfolio last longer. And in THIS video I will give you an overview of this video series and I will define the five keys issues around retirement tax planning.
This video is the about one of biggest surprises - the taxation of social security - which at times is referred as the tax torpedo; and whether it applies to you or not, it’s a great example of how deceiving and confusing the tax code can be. By watching this video you will be better informed about a few surprises around social security.
Our tax code is confusing and full of surprises. If you don’t know the rules regarding working and taking social security you might be surprised to find out your social security income can be reduced to zero - that’s right all the way to zero after you start taking it. In this video I will tell about these rules so that you can make an informed decision about whether or not you work and take social security at the same time. I’m Dan Lohmar, I’m a CFP professional with United Wealth management where we specialize in PRAP management and financial planning for United Pilots. And like many of you, My business partner, Alan Bewley, and I are both United pilots. Welcome to my video about the implications of working while taking social security. So what exactly are the rules about working and taking social security? This video will tell you all about it.