Planning for Taxes in Retirement

What do you need to watch out for when it comes to taxes in retirement? Brian talks through big mistakes people make and how to avoid them with solid planning ahead of time.

The need for tax planning doesn’t end just because you’re no longer working. Tax planning goes well beyond tax preparation. Have you been contributing to a tax-deferred account? You might be surprised to find out that you are not in a lower tax bracket in retirement.

What are your options once you get to retirement? As you near required minimum distribution age and have more than you need, you may want to consider qualified charitable distributions to offset the tax.

When doing the financial planning process, work with an advisor who can project some of the risk and taxes you may face with your current portfolio. Do you need to adjust your investments? Taxes is one of the largest expenses you have in retirement, so it’s worth planning ahead of time for it. 

The average plan or second opinion service with Brian and his team takes about 10 hours. From where to invest, how to plan for taxes, and what to do with real estate, Brian wants to look at the entire picture to see if you have enough and if you have saved what you need in the future. Are you working with a trusted advisor as you make major financial decisions?

Listen to the entire episode or skip ahead using the timestamps below.

Honest Takes:

[0:13] – What are common tax mistakes retirees make?

[4:34] – Planning software can project what you’ll be paying in future taxes.

[8:04] – You want an advisor who knows how to use the software and plan accordingly.

Today’s Truth:

“Taxes is one of the largest expenses you have in retirement.”

Brian Bowen


The Host:

Brian Bowen – Contact