Serious Tax Mistakes To Avoid In Retirement

October 31, 2019

The Principle:

Taxes hugely influence how much of your money you get to keep. Without a proper strategy in place, are you making any of these major tax mistakes?

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

We all know the inevitable–death and taxes. So, when it comes to taxes, what can you do to best prepare for them in retirement? And what major tax mistakes should you be sure to avoid?

In today’s episode of the Retire with Integrity podcast, we talk through a recent list Forbes published about tax mistakes that can ruin your retirement. Which of these are true threats to your hard-earned savings? What does Brian say about each of these mistakes?

Whether you have a large or small sum put away for retirement, you want to make sure you get the most out of it. Overlooking taxes and not addressing how they will impact your finances is a huge mistake that will have significant costs throughout the course of your life.

Make sure to put a plan in place and understand what is being done now in order to implement these strategies down the line. That may mean asking more questions with your financial advisor or getting a second opinion to make sure you work with someone you trust.   

Listen to the entire episode or click on the timestamps below to hear about a specific mistake.

[0:15] – How can you make the most of your life savings and keep more of your money?

[0:54] – Many CPAs don’t have time to plan and project taxes in retirement.

[2:34] – Tax mistake: Not planning for Social Security taxation.

[2:55] – Tax mistake: Forgetting about IRAs and orphaned accounts.

[4:57] – Tax mistake: Ignoring taxes in retirement.

[6:24] – Tax mistake: No strategy to minimize taxes. 

[8:04] – Tax mistake: Taking money from retirement accounts in the wrong order.

[8:32] – Brian shares a story about someone who was sold a variable annuity but didn’t need it.   

 

Today’s Truth:

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The Host:

Brian Bowen – Contact