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Video: How to be tax smart with healthcare and retirement costs


One of the biggest Achilles heels to an otherwise robust retirement financial plan is the cost of health insurance. However, through strategic income planning, the cost of health insurance prior to age 65 can be largely mitigated through available tax-credits. Here’s how you can be “tax smart” with your retirement and healthcare costs.

While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.