Tax filing season is underway and for new retirees, and it’s important not to miss out on every available tax break. Kiplinger has a list of what “not to leave on the table.”

From the Article:

- Bigger Standard Deduction. A single 65-year-old will get $1,700 more than younger taxpayers. If only one spouse is 65, it’s $1,350 extra. If both are 65 and older, the amount balloons to $2,700 extra.

- Spousal IRA Contribution. A spouse that’s still working can contribute up $7,000 a year in a traditional or Roth IRA. The total combined contributions between both spouses’ IRAs can’t exceed $14,000.

- Deduct Medicare Premiums. This deduction is available whether or not you itemize and is not subject to the 7.5%-of-AGI test that applies to itemized medical expenses.

- Timing Tax Payments. If you’ve left the workforce, you’re responsible for paying taxes on 401(k) and plan benefits as well as on IRA withdrawals. You could pay them quarterly to steer clear of penalties.

- Avoid the Pension Payout Trap. To avoid taxes on a pension lump-sum payout, ask your employer to send the money directly to a rollover IRA. Then deal with the tax consequences when you make withdrawals.

- The RMD Workaround. If you don't need the required distribution to live on during the year, wait until December to take the money. Hold enough back to cover estimated tax on the RMD and other income.

When you put money into a Roth, you pay the tax first so you can withdraw the money tax free in retirement. With our growing national debt, there is a fear of new legislation where Roth withdrawals may be taxed in the future.

What are the chances of this actually happening?

What will 2022 bring in the stock market? The Federal Reserve has already said they will stop buying bonds by March and we will have 3 interest rate hikes.

Will the Fed pull-back trigger a market decline? If so, how would it effect your retirement plan?

2021 will go down as a good year in the stock market. Your accounts should be way up. Now what? USA Today says, time to look at rebalancing.

What is rebalancing and why is it necessary?

How much should you expect your portfolio to grow? Do you have a benchmark?

Many people think it should be the stock market, but should that be true for your personal portfolio?

One of the things our financial professional helps us do is make that move from accumulation, and toward preservation. But with that market seeing so much growth, is this a wise time to do that?

We’ve heard, on average, that over time the market returns about 7%. One of the writers for Market Watch is citing a prediction that the S & P 500 – over the next ten years – will produce a return of minus 4.2%. Is that fear is justified?

For most of us, the single biggest purchase we’ll ever make is our house. And many of us are counting on it to help fund retirement.

But a University of Arizona study predicts that we’re going to have a harder time selling our homes when the market stabilizes, because there might not be enough younger people who can afford them or no longer want them.

Is it a mistake to think of your home as a major part of your nest egg?

There’s an article in U.S. Bank that outlined some of the things you might want to meet with your advisor about before December 31st. The list includes:

- Review your financial plan.

Did your spending match your goals? Any big life events?

- Double check employee benefits.

Did you max out company 401(k) or IRAs? Did your employer match contributions? Rebalance the plan? Max out HSA contributions or use remaining FSA funds?

- Look at your tax picture.

Any major losses that could reduce tax liability? Expect to make less, more or the same income?

- Review investment strategy.

Snapshot should include tax diversification (what does that mean?) Consider other tax impacts.

- Make charitable contributions.

Are you maximizing donations of cash and/or assets? Maybe make Qualified Charitable Distribution if you’re 70½ (explain what that is.)

- Take inventory of credit/debt.

Are you paying down debts? How’s your credit score?

- Update estate planning.

Need to revisit wills/trusts? What about beneficiaries?

- Review insurance.

Do policies need updated? Is coverage enough or too much? Are there any policies you can let go?

You see the headlines about inflation, and prices at the grocery store, but get ready for more.

Nearly half the homes in the U.S. use natural gas for heat, and they could pay an average $746 this winter, 30% more than a year ago. Have oil heat? Homes using heating oil, which make up 4% of the country, could see a 43% increase — more than $500 — to $1,734.

Those are the kind of bill that could force you to cut back on retirement spending, how can you better prepare for situations like this while in retirement?