How to Lower Taxes in Retirement

Stay Wealthy Retirement Podcast

Taylor Schulte, CFP®

Financialplanning, Retirement, Money, Taxplanning, Stocks, Wealth, Business, Investing, Retirementplanning

2.4 • 606 Ratings

🗓️ 5 March 2019

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Are you a working professional? If so, now is the perfect time to make smart moves to lower taxes in retirement.

Nearing retirement or already retired? Don't worry, it's not too late to win the game against the I.R.S.

Remember, it's very possible to have a higher tax bill in retirement than as a working professional.

Where do these taxes come from?

Required Minimum Distributions (RMDs)
Social Security
Pensions
Real Estate Income
Roth Conversions
Interest and Dividends
Capital Gains

Without the proper planning, you could be in for a rude awakening.

Check out this week's podcast episode to learn how you can reduce your tax bill in retirement. I'm breaking it down for you in plain English.

Show Notes & Links: www.youstaywealthy.com/38

DISCLAIMER: This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. This podcast is not engaged in rendering legal, financial, or other professional services.

Transcript

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0:00.0	Welcome to the State Wealthy podcast. I'm your host, Taylor Schulte, and today is going to be a monster, monster episode. I'm really excited to talk to you guys about this today.
0:08.5	Today we're going to talk about the steps you need to take to lower your tax bill in retirement because it is very, very possible for you to have a higher tax bill in retirement than as a working professional.
0:20.5	I know that's hard to believe, but follow
0:22.4	along and you will learn why that is. If you're retired or approaching retirement, this episode is for
0:28.9	you. If you're still in the working world, but starting to think ahead about your retirement planning,
0:34.7	this episode is really for you. For all the details, links,
0:39.1	and show notes, you can go to you staywealthy.com slash 39. And if you have any questions for a future
0:45.1	show or you just want to say hi, shoot me an email at podcast at you staywealthy.com. Okay,
0:52.5	let's go take down Uncle Sam. You know that saying if I knew then
1:02.2	what I know now I would have dot dot dot fill in the blank. That's exactly what I want to
1:08.8	prevent from happening to your retirement plan because there's a
1:12.9	fairly small window where tax planning for retirement can be really, really, really powerful.
1:19.5	And the sooner you begin implementing this stuff, the better.
1:23.0	So I don't want you to wait so long into retirement that you finally learn this stuff and
1:27.4	realize,
1:27.9	oh, man, there's so many things I could have done over the last 10 or 15 years to put myself
1:32.2	in a better position.
1:33.6	So that's my goal today is to prevent that from happening.
1:38.0	I want you to get into retirement and feel really, really good about all the planning that
1:42.6	you did to get there.
1:43.8	Really quick, a disclosure.
1:46.0	Please talk to your tax expert and trusted financial advisor before doing anything.
	...

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