Why Taxes In Retirement Get More Complicated
Big Picture Retirement®
Devin Carroll
4.7 • 545 Ratings
🗓️ 24 June 2025
⏱️ 34 minutes
🧾️ Download transcript
Summary
Most retirees think tax planning ends with knowing their tax bracket, but that's just the beginning. In this episode, we unpack how different income sources interact in retirement, and how seemingly smart decisions can trigger hidden taxes, Medicare surcharges, and other costly surprises. Learn how to avoid the traps and make your retirement income work smarter.
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.
📍Contact Devin's team at https://carrolladvisory.co/podcast1
📍Contact John's team at https://www.rossandshoalmire.com/
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.6 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.1 | I'm your host, Devin, joined by my co-host, John Ross Esquire. |
| 0:17.2 | Howdy. |
| 0:18.1 | John, happy to have you back in the studio. |
| 0:21.2 | We're getting ready to go into summer. Summer's going to be crazy. We might end up taking some time off. Maybe. Just because we're going to be separated. I'm going to be out working the world for a while. Yeah, right. Not hardly. My family won't do a long plane ride, so we're going to be stuck. It's because you won't spring for the first class. |
| 0:39.4 | You spring for the first class. |
| 0:40.6 | You watch them take longer. My family won't do a long plane ride, so we're going to be stuck. It's because you won't spring for the first class. |
| 0:39.3 | You spring for the first class. |
| 0:40.6 | You watch them take long plane rides. |
| 0:42.1 | I bet they would. |
| 0:43.0 | I'll bet they would. |
| 0:44.2 | No, not in the Devon and Karen Carroll household. |
| 0:47.5 | That will not be happening. |
| 0:48.6 | Hey, if you're going to pick a financial advisor, pick one that flies coach. |
| 0:52.5 | That's somebody that knows their money. |
| 0:55.4 | Well, I guess so. |
| 1:01.1 | Now, don't look when the kids are gone, though, because at that point, it might be first class. |
| 1:06.7 | Well, that goes back to enjoying your retirement. Absolutely. Yeah. Well, let's talk about retirement, and let's talk about taxes in retirement specifically. You know, when you're working a job, let's say that you're an engineer at, let me, IBM, you're getting a W-2, and that W-2 is pretty easy, right? You're getting a salary plus probably some bonuses, some sort of incentive compensation, and they're withholding taxes. Yeah, doing your taxes when you're a W-2 wage earner. Easy, easy. Easy. You do it on |
| 1:30.2 | TurboTax. That's it. Very easy. Maybe you itemize. Maybe you don't. And in most cases, just about |
| 1:36.6 | everything you earn in retirement is taxed one way, right? It's just ordinary income. Ordinary income hits the federal tax brackets, |
... |
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