Pre-Retirement Tax Planning: Things to Know to Save Big in Retirement

07/23/24 • 21 min

Retirement tax planning should begin well before retirement. Listener Jodie, with over $2 million in assets in various types of accounts, is concerned about the high tax bracket she anticipates she be in in retirement. Is there a tax strategy that would put her in a lower tax bracket?
James explores some often-overlooked tax strategies that can save retirees thousands in retirement, especially for those like Jodie with diverse portfolios.
Questions answered:
How could my home be part of my tax strategy?
How can understanding different income sources and account types can help minimize tax burdens in retirement?
Timestamps:
0:00 - Jody’s question
3:54 - The home
7:06 - Inflation and tax thresholds
11:04 - Cash flow vs taxable income
15:07 - Withdrawal strategy
19:30 - Summary

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07/23/24 • 21 min

1 Listener

Ready For Retirement - Pre-Retirement Tax Planning: Things to Know to Save Big in Retirement

Transcript

Speaker 100:00:00.221

You should begin planning your retirement tax strategy well before you actually retire . Now , this does not mean that you need to know every single meticulous detail about where will tax brackets be , what will your withdrawal strategy look like ? What exactly will taxes be , but it does mean that you should have a general understanding about some of those things , and you should ha

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