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Most of what a widow inherits is not taxable income, but the decisions made in the first ninety days determine what she owes for years afterward. Tiffani Lindstrom, CPA walks through which assets are taxed, why date-of-death values have to be documented now, and the retirement account decision only a surviving spouse can make.
Claiming Social Security at 62 reduces the monthly benefit by roughly 30 percent for the rest of your life. Tiffani Lindstrom, CPA works through what that actually costs on a single income, the survivor and divorced-spouse benefits most guides leave out, and why up to 85 percent of the benefit can end up taxable.
Every dollar in a pre-tax 401(k) is taxed when it comes out, and at 73 or 75 the tax code starts compelling those withdrawals. Tiffani Lindstrom, CPA explains why the bill lands harder on women, and how to use the low-income years before withdrawals begin.