Make money work for you!

  • Home
  • Personal Finance
  • Budgeting
  • Shopping
  • Taxes

These 5 Types of Retirement Income Are NOT Taxable

March 9, 2023 · Taxes
income
Image By Rawpixel.com From Shutterstock

Life Insurance Proceeds

Much like we talked about in the inheritance portion of this article, life insurance proceeds are not a solid retirement fund plan. However, it is something that you should have, and there is a high chance that you may be the beneficiary of an insurance plan payout, which will significantly impact your retirement income when it comes to receiving that money.

But will you have to pay for this extra income that ends up being bestowed on you? Happily enough, much like in the case of inheritances, you will not have to pay taxes on the money you receive from the proceeds of a life insurance plan. But this is generally viable if you end up receiving the whole sum in full, because if you end up receiving it in installments, the rules of the game may change depending on various circumstances.

Despite this, it is still good news if you know you are the beneficiary of someone’s life insurance.

Pages: 1 2 3 4 5 6

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

1 comment on “These 5 Types of Retirement Income Are NOT Taxable”

  1. Miriam says:
    March 24, 2023 at 7:17 pm

    nothing is government safe (FDIC ) even annuities pay taes when one cashes it………….can you xplain ?

    Miriam

    Reply
Se încarcă comentarii...

Nu mai există comentarii de afișat.

Latest Posts

  • protect your wallet from inflation 6 Bills That Changed After Trump Returned to Office
  • Amazon Are You Eligible For a Refund From Amazon? Find Out Here!
  • social security, income 7 Social Security Benefits That Will Change SOON
  • Risks, Emergency Fund New Bill Could Send $600 Tariff Rebates to Millions (See If You Qualify!)
  • credit card Medical Debt Relief: States That Act vs. States That Don’t

Related Articles

income retire stealth

10 Types of Retirement Income Tax You Need to Know About

Life Insurance  Any kind of proceeds you might receive as a beneficiary of a life…

Read More →
tax breaks for retirees

Over 65? Check Out These 5 Tax Breaks!

If you want to save some money, you need to know that there are many…

Read More →
tax deductions, save

Top 9 Most Hassle-Free Deductions on Taxes

Student loan interest that’s been paid by your or someone else Back in the day,…

Read More →
Tax

5 Tax-Efficient Ways to Share Wealth with Kids

Have you thought about how your taxes could affect your child’s financial future? Parents and…

Read More →
IRS refund

13 Ways to Get Your IRS Tax Refund Faster Than Ever

Make sure you check the Social Security numbers for everyone mentioned on your tax forms…

Read More →
climate

You Can Save $10K NOW With These Climate Tax Breaks

Energy-Efficient Home Improvements If you have done some home improvements in 2022, you can also…

Read More →
prepare early for the tax season avoid

8 Unexpected Reasons to Prepare Early for The Tax Season

4. Avoid the tax season rush If you will prepare early for the tax season…

Read More →
florida

Florida Tax Guide: What Retirees Will Have to Pay (and What They Won’t)

Does Florida tax Social Security benefits? The answer is no, but you may have to…

Read More →
death taxes

13 US States With the Highest Death Taxes

4. Illinois Estate tax: Yes Estate tax rates: 0.8%-16% Estate tax exemption level: $4 million According…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Explore

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2025 The Money Place. All rights reserved.