Tax Planning for Early Retirement: The Great Resignation

Course Description

In the past couple of years, many of our clients have retired or resigned from their jobs. Many times they do this before the age of 59 1/2. With nearly 4.2 million people quitting their jobs in October 2021 alone, the so-called Great Resignation is well underway. American workers are re-evaluating how they want to spend their working lives as they navigate a once-in-a-generation pandemic.

There are many topics to consider when retiring, especially early.

There may be cases where they are inadvertently subjecting themselves to early distribution penalties. There are exceptions to the early distribution penalty. The IRS recently made it easier to take money out of your retirement accounts before age 59 1/2. In addition to retirement withdrawals, there are significant tax differences between traditional and Roth IRA contributions and withdrawals. Tax planning can help negate the tax impact of IRAs and capital gains. Social Security planning can increase the amount a taxpayer receives monthly and reduce the taxes paid on this income.

As taxpayers approach specific ages, they should recognize particular tax issues. Among these are tax considerations when a taxpayer reaches ages 65, 55, and 59 1/2. Tax professionals working with clients contemplating or approaching retirement, particularly early retirement, need to comprehend the impact of decisions made on tax liability.

In this CE/CPE tax webinar, we will review healthcare planning, minimizing investment and capital gains tax, and key age thresholds. We will also review the various exceptions to the early distribution penalty and how to take advantage of them.

Learning Objectives

• To analyze what are the various age thresholds to consider and what they mean.
• To inspect why healthcare planning is important.
• To discuss how to claim social security considerations.
• To analyze investment planning considerations.
• To review the dozen early distribution penalty exceptions.
• To explain why you should not always roll over your 401(k) or 403(b) plans to an IRA.

Recommended For

• This IRS-approved CE Tax Course is recommended for CPA, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and any other tax professionals who want to understand everything about tax planning for early retirement.
• This CE webinar is also helpful for CFA, CIPM, ChFCA, CASL, ChSNC, RICP, WMCP, FSCP, TEP, CSA, PFS, and other tax professionals.

Who Should Attend?

Webinar Qualifies For

• 1 General Credit for Accountant/Bookeeper
• 1 CE Credit for Annual Filing Season Program (AFSP)
• 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01085-22-S)
• 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0913)
• 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
• 1 PL Credit for Chartered Financial Analyst (CFA)
• 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP)
• 1 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
• 1 CPD Credit for Trust and Estate Practitioners (TEP)
• 1 CPE Credit for Chartered Financial Consultant (ChFC)
• 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01085-22-S)
• 1 CE Credit for Certified Senior Advisor (CSA)
• 1 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-01092-22-S)
• 1 CPE Credit for Financial Services Certified Professional (FSCP)
• 1 CPE Credit for Chartered Advisor in Senior Living (CASL)
• 1 CPE Credit for Chartered Special Needs Consultant (ChSNC)
• 1 CPE Credit for Retirement Income Certified Professional (RICP)
• 1 CPE Credit for Wealth Management Certified Professional (WMCP)
• 1 PL Credit for Certificate In Investment Performance Measurement (CIPM)
• 1 CE Credit for Certified Wealth Strategist (CWS)
• 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)

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