Ep 23: What to Know About Taxes in RetirementPlanning
On This Episode
How much do you know about taxes in retirement? It’s an important topic that can make a major difference in your finances.
On today’s Saving With Silverman podcast, Mark explains what you need to know about taxes in retirement.
Most people assume that their taxes are going to be lower during their retirement years. But, unfortunately, that's not always the case. The big reason is a lot of people’s houses are paid off and their kids are out of the house, so they don’t get those tax deductions.
“Even though taxes are historically very, very low right now, I do think with this national debt taxes have to increase,” said Mark.
We can do tax planning for our clients and often advise them to contribute to a Roth 401K or do Roth IRA conversions. We are not CPAs, but we can refer you to someone we know and trust.
One mistake people make is putting too much into 401Ks and not doing Roths. Not saving in the right place is a common problem we see. We suggest having a 20-minute introductory phone call with us and a complimentary visit to review your finances and goals.
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
Even though taxes are historically very, very low right now, I do think with this national debt, taxes have to increase.
- Mark Silverman, CFP®
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:39 – Assuming taxes will be lower
2:52 – Strategies to improve taxes down the road
4:51 – Bad tax mistakes
6:02 – A tax planning strategy that made a difference
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