Most people think about taxes once a year, when it’s time to file their return. But tax preparation and tax planning are two very different things. Tax preparation looks backward. Tax planning looks forward. And when you’re approaching retirement, that distinction can have a major impact on how much of your money you actually get to keep.
In this episode, I share a story from earlier in my career that changed the way I thought about taxes and financial advice. Then I’ll breaks down some of the biggest tax-planning opportunities retirees and those approaching retirement should be thinking about throughout the year, not just during tax season.
We’ll discuss capital gain and tax-loss harvesting, Social Security taxation, ACA premium tax credits, Medicare IRMAA surcharges, charitable giving strategies, qualified charitable distributions, Roth conversions, inherited IRAs, and more.
More importantly, we’ll look at how all of these decisions interact.
Because good retirement tax planning isn’t simply about paying the least amount of tax this year. It’s about making intentional decisions today that could help you better manage your lifetime tax bill.
If you’re approaching retirement with significant savings and wondering whether you’re being proactive enough about taxes, this episode will give you a framework for what to be thinking about before year-end.
-Kevin
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This is for general education purposes only and should not be considered as tax, legal, or investment advice.
