One of subjects that seems to come up when doing people's taxes and I see that they have changed jobs that had retirement plans is: What did you do with your retirement plan at your previous employer?
I have also found it amazing how many people have not even thought about it, or know what their options are. So, here is a short primer on your options.
#1 - 401(k) rollover: Keep you savings with your previous employer's plan
If you want to pay less when you retire, moving to one of the states that don’t tax retirement income might be one way to do that. So, if your retirement income includes Social Security benefits, distributions from a 401(k) or IRA, or a pension, you might want to consider one of these states.
Even though these states don't tax "traditional retirement income," you might still have to pay tax on other types of income you earn in retirement, such as from wages, interest, and dividends. (Federal income tax still applies in these states.)
Alaska doesn’t tax your Social Security benefits, your pension, your 401(k) or IRA distributions. That’s because Alaska has no state income tax.
The retirement planning changes in a nutshell:
Charitable remainder trusts are irrevocable trusts that let you donate assets to charity and draw annual income for life or for a specific time period.
We closely examine charitable remainder trusts to ensure they:
In a charitable remainder trust: