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Retirement Answer Man

Retirement Tax Management: Social Security and Taxes

Retirement Answer Man

Roger Whitney, CFP®, CIMA®, RMA, CPWA®

Education, Investmentmanagement, Saving, Self-improvement, Careerplanning, Retirement, Business, Lifeplanning, Investing, Retirementplanning, Financialplanning, Retirementpodcast

4.61.2K Ratings

🗓️ 13 November 2019

⏱️ 30 minutes

🧾️ Download transcript

Summary

Nobody likes taxes, but tax management in retirement doesn’t have to hurt so bad. During this Retirement Tax Management series, you’ll learn about tools and tricks you can use during retirement to lessen your tax burden and make paying taxes as...

Transcript

Click on a timestamp to play from that location

0:00.0

Taxes are like rats.

0:04.0

They come around, get in your business, want to chew up all the stuff you've worked for and they don't want to go away.

0:17.0

In fact they want to multiply and eat more of your stuff.

0:29.0

Now you can eradicate rats. I know this.

0:31.0

You can't really eradicate taxes, but what you can do is manage them in retirement.

0:39.0

And that, my friend, is what we are going to talk about this week on the Retirement Answerman Show.

0:46.0

Welcome to the show. My name is Roger Whitney. I am your host and this is the show dedicated to helping you not just survive retirement.

0:57.8

We really want you to rock retirement and believe that you can.

1:02.2

If you're a little bit intentional and focus on the right things.

1:05.0

Now, last week we started this entire month on managing taxes in retirement.

1:14.4

And last week we talked about how this is an opportunity

1:17.1

to manage tax brackets, and we identified

1:20.8

some of the levers that you have on your dashboard to be a good

1:27.0

steward so the tax rat doesn't chew up all of your hard-earned money.

1:35.0

So what we're going to do this week is we are going to talk about taxes and Social Security

1:40.0

and just highlight what the tax scheme is for Social Security when you choose to take the hard-earned benefit that you've already paid for.

1:50.0

And then next week we're going to get into Medicare and Irma, figure out who this lady is, and then to wind up the month, we are going to try to put this all together so we can make sure we're focusing on the

2:04.9

right things to manage taxes without letting the proverbial tail wag the dog of your

2:12.2

life.

2:13.0

But we can't do any of that until we have that all important disclaimer.

2:20.0

Hey there, my name is Roger Whitney. I am not a CPA. I am not an attorney. I am not your

2:27.2

advisor. So don't take any advice from me. Consult your attorney, your CPA,

...

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