Tax Strategies and Retirement Reflections with a Tax Influencer

Boomer Banter, Real Talk about Aging Well

The conversation between Wendy Green and Phyllis Jo Kubey delves deep into the often-overlooked complexities of tax management for retirees. Kubey, with her extensive background in tax preparation and planning, illuminates the intricacies of how retirement income is taxed and the common pitfalls retirees face.

One surprising revelation is that up to 85% of Social Security benefits can be taxable, a point that many retirees may not anticipate. Kubey explains the thresholds that trigger taxation on Social Security and emphasizes the need for careful planning to manage adjusted gross income, which can affect various tax benefits and deductions.

The episode not only addresses the technical aspects of tax management but also encourages listeners to adopt proactive strategies, such as systematically converting traditional IRAs to Roth IRAs, to optimize their tax situations in retirement.

By weaving personal anecdotes and practical tips throughout the discussion, the episode provides a comprehensive framework for listeners to approach their retirement finances with confidence.

Takeaways:

• Phyllis Joe Kubey shares her unexpected journey from a voice student at Juilliard to becoming a tax influencer and planner.
• Understanding the taxation of Social Security is crucial, as up to 85% can be taxable depending on total income.
• Planning for taxes in retirement should start early, ideally by managing withdrawal strategies from various income sources.
• The importance of adjusted gross income cannot be overstated, as it affects various deductions and thresholds.
• Retirement income strategies should include tax diversification to minimize tax liabilities over the long term.

Links referenced in this episode:

• Fit Strong Women Over 50 Podcast
• Red Cross disaster relief
• United Way of NC disaster relief fund
• Catholic Charities Hurricane Helene response
• Greenwood Capital

Learn more about Greenwood Capital or find resources at www.GreenwoodCapital.com. Boomer Banter is sponsored in part by Greenwood Capital Associates, LLC. Greenwood Capital Associates, LLC is an SEC Registered Investment Advisory firm with offices in Greenville and Greenwood, SC. As a fiduciary firm, Greenwood Capital is obligated to disclose any potential conflicts of interest with this arrangement. The host of “Boomer Banter”, Wendy Green, is a client of Greenwood Capital, and her show “Boomer Banter” has been compensated for her testimonial through Greenwood Capital’s sponsorship. Greenwood Capital is a Legacy sponsor at the stated rate of $2,600 for the 2025 calendar year.

Additional Links for further tax information:

States that tax SSA benefits - https://www.nerdwallet.com/article/investing/social-security/which-states-tax-social-security-benefits

Social Security Guru - https://marybethfranklin.com/

Schwab article on QCDs - https://www.schwab.com/learn/story/reducing-rmds-with-qcds

IRMAA for 2025 - https://www.cms.gov/newsroom/fact-sheets/2025-medicare-parts-b-premiums-and-deductibles

Journal of Accounting article on HSA strategies https://www.journalofaccountancy.com/news/2023/jan/9-facts-hsa-that-might-surprise-your-clients.html

IRMAA appeal article - https://www.ncoa.org/article/how-to-request-an-adjustment-to-your-irmaa-medicare-premium/

IRMAA appeal SSA webpage - https://www.ssa.gov/medicare/lower-irmaa