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Don’t Let Taxes Affect Your Retirement

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Tax Planning Made Easy

Taxes may affect your retirement income and very differently than you might expect. Utilizing good tax strategies and planning for retirement means looking at your finances in present terms and with future projections. Tax implications are very different once you retire and we will ensure you are prepared each year to avoid costly mistakes.

Social Security benefits

Getting the timing right is key to avoid taxes eating up a large portion of your benefits

Medicare benefits

Taxes can affect your benefit payouts

Annuity and Tax-Deferred Accounts

Alleviate tax burdens and maximize your benefits

401k Distributions

Holistic picture of income and taxes in mind


Tax implications and timing is critical

Key Deductions

Don’t miss out on large write-offs

We Can Help Minimize Taxes and
Eliminate Critical Mistakes in Retirement


Timing your Social Security benefits

The decision to when to start taking Social Security benefits depends on your personal and family circumstances. You can start drawing your retirement benefit at age 62 and get about 70% of your full benefit. You can wait until full retirement age* to receive 100% of your benefit. Or you can choose to defer for a few more years and add 8% to your benefit each year, up to age 70. (Note: This only applies to your earned income benefit—if you're collecting survivor or dependent benefits, those won't increase after you reach full retirement age.) No matter how much you earn, 15% of your Social Security benefits are tax-exempt. Retirees with moderate or higher incomes will likely pay federal taxes on some portion of their benefits.


Understanding Your Asset Allocation

If your income today is higher than what you expect it to be in retirement, it's a good idea use tax-advantaged accounts like traditional IRA and 401(k) accounts. These allow you to take a tax deduction each year you contribute and defer those taxes until retirement. Roth IRAs and Roth accounts within employer plans offer a different tax advantage, in that you pay taxes on contributions today so you can enjoy tax-free withdrawals in the future.


Avoiding Medicare IRMAA surcharges

If you're on Medicare, or planning to start within 2 years, going even $1 over the income threshold could mean hundreds of dollars in additional premiums, through their "income-related monthly adjustment amount" (IRMAA).


Planning your withdrawal strategy, including RMDs

Deciding which of your accounts to tap into, and in what order, means putting all these pieces together, while also factoring in your RMDs. These are the amounts you're required to withdraw from certain tax-advantaged accounts, including all employer-sponsored retirement plans and traditional IRAs, starting when you reach age 73.

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