Factors That Affect Your Tax Obligations

Many of us assume that we’ll be in a lower tax bracket when we retire. But, in our new retirement reality, that’s not always the case.

On this week’s episode of the Retirement Solutions Show, we discuss the variety of factors that can either lower or increase our tax obligations in retirement.

Key takeaways:

  • Things like Social Security, Required Minimum Distributions, and Pensions can affect your tax obligations because they are seen as “ordinary income” in the eyes of the IRS.
  • Taxes are “on sale” right now due to the Trump Tax Plan, but they will likely increase in the future.
  • An understanding of investment conversion opportunities and timing can greatly impact your tax obligations.

Related article: Taxes – Ain’t No Foolin’

Other topics discussed in this episode:

  • [9:23] Steps we can take to “spring clean” our investments.
  • [17:39] How we help clients feel confident that their savings will last the duration of their retirement.
  • [23:48] How to plan for an enjoyable retirement when you don’t have a huge income.
  • [30:10] We share some big retirement goals we’ve helped our clients achieve.
  • [36:26] Attorney Matt Danner on the importance of choosing a planner with a team-based approach.
  • [48:08] Why healthcare is something you need to prepare for.

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