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4 Moves to Minimize Taxes, Including Capital Gains
When it comes to investing for retirement it’s not just a matter of how much you make – it’s also a matter of how much you keep.
The surest way to boost the returns on your retirement money can come from cutting the bite that the tax man takes out of your nest egg. That leaves you not only with more income to enjoy once you stop working but also leaves more of your investment portfolio untouched so it can continue generating gains in your golden years.
Here’s a look at four strategies recently highlighted by John Manganaro at ThinkAdvisor.com.
For more help protecting your assets by executing smart retirement planning moves, consider matching with a vetted financial advisor for free.
1. Make Your 401(k) a Social Security Bridge
If you’re an early retiree who needs to find income until you’re eligible to collect Social Security – or if you want to increase your monthly benefit by delaying your benefit payments – there’s a little-know move you can make with your 401(k) or 403(b) workplace plan that can help.
It’s called the “rule of 55” and it allows workers 55 and older who leave their jobs to start taking withdrawals from their current workplace plan without taking the hit from the 10% penalty that typically applies to withdrawals taken before age 59.5. Some public safety workers can take advantage of this at age 50, so check your plan details with your benefits administrator.
Two caveats are that not every plan offers this option, and that you’ll still have to pay your normal income tax on your withdrawals – just not the 10% penalty. This exception applies only to your current workplace plan, not older accounts you may have left with previous employers. If that’s the case, consider rolling your old accounts into your current employer’s account so that you can access more of your savings. And, of course, this exception doesn’t apply to 401(k) money that’s been rolled into an IRA.
2. Move 401(k) Money Into Your HSA
This is a neat trick that cuts your 401(k) tax bill even more – if you meet all the right conditions. If you’ve got a high-deductible healthcare plan that allows you to open a Health Savings Account, you can use your potentially taxable 401(k) withdrawal to contribute to your HSA, where contributions are untaxed. That would wipe out any tax due on the amount of 401(k) money you add to your HSA, which can be as much as $3,850 in 2023 if your plan covers only you, or up to $7,750 if your healthcare plan covers your family.
To make this work, both the 401(k) withdrawal and the HSA contribution need to take place during the same tax year. A financial advisor can help you execute a tax strategy designed for your goals.
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UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
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