Retiring this year? Four tax decisions to make before December
The first year of retirement sets up the next twenty. These four choices are easier to make before the year ends.
Retirement changes where your income comes from, and that changes your taxes. A little planning in the fall of your first year can save money for decades.
The four decisions
- When to start Social Security
- Whether to convert some savings to a Roth IRA in a low-income year
- How to take required minimum distributions once you reach 73
- Whether your Medicare premiums will rise because of this year’s income
Kansas and Social Security
Kansas no longer taxes Social Security benefits, starting with 2024 returns. Part of your benefits can still be taxable on your federal return.
General information about federal and Kansas tax rules, not advice for your situation. Rules change; talk to your preparer before acting.
