In a special office hours meeting hosted by Nancy Gates, senior manager of Boldin Services, we delved into a basic retirement plan topic: estimating and paying retirement taxes. Nancy guides you through the complexity of retirement income tax – from understanding how each source of income taxes is taxed to developing smart tax payment strategies to keep you compliant and stress-free.
https://www.youtube.com/watch?v=faiqceerxjs
This session focuses on education and empowerment to help you control your financial future with confidence. Whether you’re a new retirement or planning ahead, this video will give you the knowledge you need to avoid tax penalties and make informed decisions about your retirement income.
Key Topics Discussed in this Office Hours Meeting
✅Overview of retirement salary and income sources
✅Tax impact of various retirement income streams
✅How does FICA, federal, state and capital gains tax apply during retirement
✅ Safe Harbor Rules and IRS $1,000 Rules
✅Tax deduction strategy
✅How to use estimated quarterly taxes
✅Practical Tips for Developing Retirement Tax Strategy
Timestamp
00:00 Introduction and the butler
00:20 What is the retirement salary?
01:25 Common Source of Taxable Income in Retirement
02:30 US Tax Category Overview: FICA, Federal, State, Capital Income
03:45 Tax processing for various sources of income
05:50 Social Security Tax Rules
07:30 Investment income and savings reduce taxes
10:00 Safe Harbor Rules and $1,000 Rules Interpretation
How to avoid tax penalties during retirement at 12:00
13:25 Four ways to pay taxes at retirement
15:35 Tax deduction strategies for pensions and annuities
17:45 Use IRA allocation for tax payment
Quarterly estimated taxes are conducted at 19:10
21:00Next and plan tips
About Boldin and the award-winning Boldin retirement planner
Boldin Planner is a powerful software that can control you. It’s almost like a financial expert at your fingertips. Research shows that people with written financial plans do 2.7 times better financially. They are also 54% more likely to live comfortably when they retire. That’s not luck, that’s controlling your money. Boldin Planners were named the best financial planning software of 2025, and the company was selected as the top innovator in Uplink’s thriving longevity challenge and named Fintech 100 by CBinsights.
The tool is ideal for planning as it covers a comprehensive range of information related to retirement and can customize everything, including your own life expectancy.
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