Tax Planning Services for Your Retirement
Without proper income tax reduction strategies, taxes could become a burden in retirement and essentially lower your net income more than expected. We are tax specialists that know awareness and planning are the keys to avoid that.
It’s important to know that different sources of retirement income are taxed differently.
If you’re like most people and Social Security won’t be enough, adding other sources of income (even “tax-free” income) will mean an increase in how much of your Social Security is taxed… up to 85%.1
Taxes will be paid on investment income from interest, dividends, or capital gains. If you have a strategy that involves systematically selling investment shares to generate retirement income, each sale will also generate a long- or short-term or loss, which you would need to report on your tax return.
Required Minimum Distributions (RMD)
The main source of retirement income for most people, outside Social Security, is their 401(k)s and IRAs. These accounts are tax-deferred until you start taking withdrawals, which through RMDs, the IRS forces on retirees beginning at age 73.
Through our retirement tax planning services, we can help you implement strategies that can help to minimize the amount of taxes you pay overall – including when it comes time to start taking your RMDs.
Learn more about how you can minimize your taxes in retirement.
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