Tax Planning Coordination for Retirees & Pre-Retirees
Many pre-retirees and new retirees do not know what to expect when it comes to their taxes in retirement. There is a common misconception that taxes will be lower in retirement than during one’s working years. We find this comes up often in conversations with a new client.
Click here to visit our YouTube channel, where we highlight some of the challenges in retirement that often go unnoticed until they become costly – and by then, it’s too late to act.
We focus on identifying tax issues in retirement for our clients in the following areas and coordinate with each client’s CPA, so they are better prepared:
- Strategic planning for when to take income and where to take it from
- Planning for tax bracket changes, including the impact on the surviving spouse
- Managing Required Minimum Distributions (RMDs)
- Social Security benefits taxation
- Medicare IRMAA Surcharges
- Planning for the tax impact on your legacy to the next generation
- Portfolio tax efficiency and withdrawal order
- Retirement prior to age 59 ½
- G/R Wealth Management Group, LLC, HighPoint Planning Partners, HighPoint Advisor Group and LPL Financial do not provide tax advice. Please consult your tax advisor for guidance specific to your situation.