<p>Welcome to the first edition of Bonus Bucks! As mentioned previously, these bonus editions will be budgeting or savings examples, retirement scenarios, additional thoughts on the market or new tax findings, random musings on the financial world and eventually responding to comments and subscriber-submitted questions!</p><p>For this edition, I want to review using different accounts in retirement and how you can use these funds and the current tax laws to withdraw your income for the year and pay little to no taxes. Let’s get to it!</p><p class="button-wrapper"><a class="button primary" href="https://beansandbucks.substack.com/subscribe"><span>Subscribe now</span></a></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F67c59b41-4e75-40a4-b0d7-b1e01a32e8e7_600x380.jpeg" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="Here's Everything You Need To Know About Long Term Capital Gains" class="sizing-normal" height="380" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F67c59b41-4e75-40a4-b0d7-b1e01a32e8e7_600x380.jpeg" title="Here's Everything You Need To Know About Long Term Capital Gains" width="600" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p><strong>Long Term Capital Gains</strong></p><p>The main technique we will be using in this situation is long term capital gains. In 2024, for married filing jointly, the long-term capital gains taxes are as follows:</p><p>0% → $0 - $94,050</p><p>15% → $94,501 - $583,750</p><p>20% → Over $583,750 </p><p>What this means is that you can withdraw $94,050 per year in capital gains without paying any taxes on it! In retirement, without a mortgage and lower bills, this is usually enough to support a retired couple as is. You do want to be aware of dividends that can be considered taxable income and take that into account in the $94,050 per year of taxable income. If you are still supporting children in retirement or want a bit more of a lavish lifestyle that involves traveling or spending more, let’s move on to another way to get more income per year without paying taxes!</p>
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