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Retirement Planning in a Language You Can Understand

Tax Planning for Retirement:

Keeping More of What You’ve Earned

The complexities surrounding taxes can feel overwhelming for many people throughout their lives, but even more so during retirement when income can be varied and coming from different sources. Retirement should be a time to enjoy the benefits of your hard work, not a time to worry over taxes. At RetireStrong Financial Advisors, we help you create a tax-efficient strategy to remove stress, allowing you to keep more of your hard-earned money and focus on what matters most. Quite simply, we aim to protect our clients from paying more in taxes than necessary.

What Is Tax Planning?

Tax planning isn’t only beneficial for the ultra-wealthy.  We can all benefit from small, simple tax saving steps by using all tax advantages available to us.  

Tax planning in retirement is something altogether different from the tax decisions you make throughout your career. It goes beyond merely filing your annual returns – tax planning in retirement involves strategically managing your income and investments to minimize tax liabilities throughout your retirement journey. Taking a proactive approach and determining the most beneficial income sources to use at which times can make a significant difference in your overall financial stability.

Why Tax Planning Matters

Taxes in retirement come with some unique challenges that need to be taken into consideration when planning for the rest of your life. Once you reach a certain age, you are required to take withdrawals from retirement accounts, referred to as Required Minimum Distributions (RMDs), which can increase your taxable income. Additionally, your total income can affect taxation on your Social Security benefits as well as your Medicare premiums and eligibility for certain healthcare deductions. By strategically structuring your income and investments, we can help you:

  • Maximize Your Retirement Savings:
    When taking distributions during your retirement, it’s important to reduce the tax burden on your 401(k), IRA, or other accounts in order to get the most out of your savings.
  • Maintain Your Lifestyle:
    Efficient tax strategies aim to preserve more of your income, helping you to sustain your lifestyle while attaining your retirement goals.
  • Protect Your Wealth:
    Intentional planning can help you avoid unnecessary penalties and reduce estate taxes for your heirs.
  • Tax Efficiency:
    An effective income plan also considers the taxes associated with your income and is designed to minimize your lifelong tax liability.

How RetireStrong Financial Advisors Can Help

Tax planning is an essential part of income optimization. At RetireStrong Financial Advisors, we want to help you make the most of your income by providing tailored strategies to help you effectively manage taxes. Our comprehensive process includes:

  • Thorough Asset Review:
    In addition to assessing your tax situation, we analyze your various retirement accounts, income sources, and investments to determine opportunities for savings to help maximize your income.
  • Strategic Withdrawals:
    By coordinating the timing and sources of your withdrawals, we help minimize the impact on your taxable income. Our goal is to prevent you from having to pay unnecessary penalties or taxes.
  • Long-Term Planning:
    We understand the importance of mapping out your taxes, not only for the first year but all the way through your retirement. By creating a long-term plan, we can help level out the extreme highs and lows and minimize your lifelong tax liability.
  • Simplifying Tax Changes:
    Tax laws are complex and constantly being modified, but a well-executed plan can help you adapt and stay ahead of these changes. You can rely on RetireStrong Financial Advisors to stay up-to-date on tax code changes in order to provide you with the best strategies.

Get Started Today

Don’t let taxes consume your retirement savings. Contact RetireStrong Financial Advisors today to schedule your introductory meeting and learn how proactive planning can safeguard your financial future.