Retirement Planning

Boldin ($144/yr.), previous known as NewRetirement, and ProjectionLab ($109/yr.) are financial and tax simulators for the general public. These web-based platforms provide long-term projections and what-if scenarios for do-it-yourself financial planning. They are both excellent. Some financial planners I've seen on YouTube use RightCapital.

Boldin vs ProjectionLab: Boldin edges out ProjectionLab for its Roth Conversion Explorer and ProjectionLab edges out Boldin for its more "sticky" feature, meaning you can track the past performance of your portfolio as you update it. I would pick Boldin unless Cristy and/or Julie begin using ProjectionLab and you consult each other.

2025 Tax and Retirement Reference Guide

Ordinary Income - Tax Rates/Brackets

In general, the ordinary income tax rates/brackets apply to all income, unless an exemption applies.

Boldin is Better for:	ProjectionLab is Better for:
Beginner-Friendly Interface	Steeper Learning Curve
Tailored Recommendations	Custom Simulation Tools
Clean, Modern Dashboard	Data-Dense Visual Layers

James Conole, CFP®
Roth Conversion Checklist
Roth Conversion Strategy
Roth to 22% Tax Bracket
Reasons NOT to do Roth
$400K Enough for Roth?
Tax Gain Harvesting Social Security Tax Torpedo Under/Overconvert to Roth
Social Security Demystified
Social Security at 62/67/70
Retiring Before Social Sec.
Reduce your RMDs
Medicare (IRMAA) Cliff
Roth: No RMDs Roth: Not Provisional Income Roth: Not Part of IRMAA
Roth Break Even Point
Portfolio Allocation
Spending in Retirement
Retire: 7-Step Framework
It’s Time to Retire Now
Ruin Retirement (#1 Way)
His Software ($300 Lifetime)

Single Filers
Rate	Taxable Income
Rate	From	To
0%	Standard Deduction
10%	$0	$11,925
12%	$11,926	$48,475
22%	$48,476	$103,350
24%	$103,351	$197,300
32%	$197,301	$250,525
35%	$250,526	$626,350
37%	$626,351	No limit

Married Filing Jointly
Rate	Taxable Income
Rate	From	To
0%	Standard Deduction
10%	$0	$23,850
12%	$23,851	$96,950
22%	$96,951	$206,700
24%	$206,701	$394,600
32%	$394,601	$501,050
35%	$501,051	$751,600
37%	$751,601	No limit

Head of Household
Rate	Taxable Income
Rate	From	To
0%	Standard Deduction
10%	$0	$17,000
12%	$17,001	$64,850
22%	$64,851	$103,350
24%	$103,351	$197,300
32%	$197,301	$250,500
35%	$250,501	$626,350
37%	$626,351	No limit

Married Filing Separately
Rate	Taxable Income
Rate	From	To
0%	Standard Deduction
10%	$0	$11,925
12%	$11,926	$48,475
22%	$48,476	$103,350
24%	$103,351	$197,300
32%	$197,301	$250,525
35%	$250,526	$375,800
37%	$375,801	No limit

Long-Term Capital Gains & Qualified Dividends - Tax Rates/Brackets

Long-term capital gains tax rates/brackets generally apply to investment assets held for over a year and to qualified dividends. Short-term capital gains (assets held for a year or less) are taxed at ordinary income tax rates. See IRS Publication 550.

Single Filers
Rate	Taxable Income
Rate	From	To
0%	$0	$48,350
15%	$48,351	$533,400
20%	$533,401	No limit

Married Filing Jointly
Rate	Taxable Income
Rate	From	To
0%	$0	$96,700
15%	$96,701	$600,050
20%	$600,051	No limit

Head of Household
Rate	Taxable Income
Rate	From	To
0%	$0	$64,750
15%	$64,751	$566,700
20%	$566,701	No limit

Married Filing Separately
Rate	Taxable Income
Rate	From	To
0%	$0	$48,350
15%	$48,351	$300,000
20%	$300,001	No limit

3.8% Net Investment Income Tax (NIIT)
Filing Status	Single or Head of Household	Married Filing Jointly (& Surviving Spouse)	Married Filing Separately
AGI Income Limit When 3.8% NIIT Takes Effect	$200,000	$250,000	$125,000

Kiddie Tax
This rule applies to unearned income (such as dividends, interest income, and capital gains) of dependent children under the age of 18 or to full-time students younger than 24, at the end of the tax year. Under this rule: The first $1,350 of unearned income is not taxed because it's covered by the kiddie tax standard deduction. The next $1,350 of unearned income is taxed at the child's marginal tax rate. Anything above $2,700 is taxed at the parents' marginal tax rate.

Tax Deductions & Credits (that do not require you to itemize)

Tax deductions reduce your taxable income dollar for dollar, whereas tax credits reduce your tax liability dollar for dollar.

Standard Deduction
Filing Status	Deduction
Single & Married Filing Separately	$15,750
Married Filing Jointly (& Surviving Spouse)	$31,500
Head of Household	$23,625
Kiddie tax standard deduction	$1,350

Additional Standard Deduction
Filing Status	Deduction
Blind, or age 65 or older	$1,600 per person
Blind, or age 65 or older, must be unmarried	$2,000

Tax Credits
Child Tax	Credit
For child under the age of 17 (phaseout starts at $400,000 for joint filers, $200,000 for single filers)	$2,200
Lifetime Learning Tax Credit
Qualified education expenses (phaseout starts at $160,000 for joint filers, $80,000 for all other filers)	$2,000
American Opportunity Tax Credit
Qualified education expenses (phaseout starts at $160,000 for joint filers, $80,000 for all other filers)	$2,500

Other Tax Deductions
Temporary Senior Deduction	Amount
For tax years 2025 to 2028, age 65 or older (phaseout starts at $75,000 for single filer, $150,000 for joint filer)	$6,000 per person
Student Loan Interest Deduction
Interest on qualified education loans (phaseout starts at $170,000 for joint filers, $85,000 for all other filers)	$2,500
Educator Expense Deduction
Certain unreimbursed educator expenses	$300
Health Savings Account (HSA)
Must have coverage under a qualifying high-deductible health plan (age 55 or over can contribute an extra $1,000)	Up to $4,300 for self, Up to $8,550 for family
Tip Income Deduction
For tax years 2025 to 2028, phaseout starts at $150,000 for single filers or $300,000 for joint filers	Up to $25,000
Overtime Income Deduction
For tax years 2025 to 2028, phaseout starts at $150,000 for single filers or $300,000 for joint filers	Up to $12,500 for single filer, $25,000 for joint
Auto Loan Interest Deduction
For tax years 2025 to 2028, phaseout starts at $100,000 for single filers or $200,000 for joint filers	Up to $10,000

Gift, Trust & Estate - Tax Rates/Brackets & Limits

Annual & Lifetime Gifting Limits
Type	Limit
Maximum estate & gift tax rate	40%
Annual gift tax exclusion	$19,000
Unified gift & estate tax exemption (Note: This amount also covers the generation-skipping tax)	$13,990,000 per person
Annual exclusion for gifts to noncitizen spouse	$190,000

Trust & Estate Ordinary Income
Rate	Taxable Income
Rate	From	To
0%	Standard Deduction
10%	$0	$3,150
24%	$3,151	$11,450
35%	$11,451	$15,650
37%	$15,651	No limit

Social Security

Taxation of Social Security benefits is based on provisional income (adjusted gross income without Social Security, plus tax-exempt interest, plus half of your Social Security benefits).

The Social Security “tax torpedo” occurs when your provisional income bumps you into a bracket where a higher amount of your Social Security benefit is taxable. Delay taking Social Security until age 70, if you can.

Social Security Rules and Limits
Type	Amount
Social Security wage base	$176,100
FICA tax rate for employee	7.65%
SECA tax rate for self employed	15.3%
Social Security earnings limits prior to full retirement age (FRA)
Younger than FRA	$23,400
The year you reach FRA	$62,160
Soc. Sec. cost-of-living adjustment	2.5%
Maximum possible benefit at FRA	$4,018
Estimated average monthly benefit	$1,976
Soc. Sec. FRA (born 1960 & later)	age 67

Taxation of Social Security
Single, widower & head of household provisional income	Taxable Portion
$25,000 or less	0%
$25,001 to $34,000	Up to 50%
More than $34,000	Up to 85%
Married filing jointly provisional income	Taxable Portion
$32,000 or less	0%
$32,001 to $44,000	Up to 50%
More than $44,000	Up to 85%
Calculator

Filing Ages Break Even Points
	63	64	65	66	67	68	69	70
62	76	77	77	77	78	78	79	80
63		75	77	77	78	79	79	80
64			78	79	79	79	80	81
65				79	79	80	81	82
66					79	80	81	82
67						81	82	83
68							83	84
69	Calculator							85

To use the Filing Ages Break Even Points (approximations) chart, select your first filing age decision on the left, then move right to the second filing age you’re considering. If you were choosing between age 63 and 66, for example, the break even point is age 77. Between age 65 and age 70, the break even point is 82.

Medicare

Monthly Premium
Part A for those with <30 quarters of coverage	$518
Part A for those with 30—39 quarters	$285
Part B	$185
Part A
First 60 days-patient pays a deductible	$1,676
Next 30 days—patient pays per day	$419
Additional 60 lifetime reserve days (patient pays per day)	$838
After all lifetime reserve days are used, patient pays all costs.
Part B
Deductible	$257
Coinsurance	20%
Part D (Prescription Drug Plan)
Deductible	$590
25% coinsurance on next	$2,000
Out-of-pocket (OOP) threshold (new for 2025)	$2,000
Beneficiary then pays coinsurance amount for additional covered expenses.

Medicare Part B & D Income-Related Monthly Adjustment Amount (IRMAA)
You Pay		If Your 2023 MAGI Was
Premium	Part D Surcharge	Single	Married
$185.00	Part D Surcharge	$106,000 or less	$212,000 or less
$259.00	$13.70	$106,001 to $133,000	$212,001 to $266,000
$370.00	$35.30	$133,001 to $167,000	$266,001 to $334,000
$480.90	$57.00	$167,001 to $200,000	$334,001 to $400,000
$591.90	$78.60	$200,001 to $499,999	$400,001 to $749,999
$628.90	$85.80	$500,000 or more	$750,000 or more
IRMAA is a “tax cliff,” meaning you could owe it even if you earn one extra dollar that bounces you into a higher IRMAA bracket.