On this week’s podcast episode, we’re digging into three powerful tax strategies you can use to reduce your tax obligation in retirement.
Tax strategy is a crucial component of retirement planning that is often overlooked. Some retirees see tax planning as hard, overwhelming, and stressful. On the other hand, many retirees simply don’t realize the tax-reducing opportunities available to them if they make some strategic tweaks to their plan.
Ralph Hicks, Michael Hicks, and Ryan Gilmore reveal three of the most common tax-reducing strategies in this episode, including:
- The Bucket Strategy
- Roth IRAs and Conversions
- Qualified Charitable Distributions
They also discuss:
- [00:51] Why the Retirement Solutions Show transitioned from radio to podcasting
- [02:14] How the emotional response to tax planning can leave you feeling stuck
- [04:00] Why you should care about building a tax strategy into your retirement plan
- [05:55] Understanding how your retirement accounts are taxed
- [07:42] How, when, and why you might utilize the Bucket Strategy, Roth Conversions, or Qualified Charitable Distributions
- [15:03] David Hick’s’ latest webinar, Protect Your Retirement Savings From Uncle Sam, which is all about how to build a tax strategy in retirement
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Links mentioned in this episode:
- Free Tax Planning Online Class
- The Retirement Solutions Show on Spotify
- The Retirement Solutions Show on iTunes
- The Retirement Solutions Show on Stitcher
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax advice. You should consult your own tax advisors and accountants regarding your specific situation.