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The 6 Steps To A Tax Efficient Retirement Plan

In this episode of the Retire Ready Podcast, Kolin and Kyle discuss the importance of tax planning in retirement. They highlight the underappreciation of tax planning by pre-retirees and their financial advisors, and emphasize that the lack of tax planning can result in paying more taxes than necessary. The hosts provide six steps to building a tax-efficient retirement plan, including mastering provisional income, categorizing money by tax impact, strategizing the order of withdrawals, measuring tax bracket capacity, deciding between paying taxes now or later, and engaging in ongoing tax planning. They also discuss common mistakes to avoid in retirement tax planning. Takeaways ‣ Tax planning is a critical part of retirement that is often underappreciated by pre-retirees and their financial advisors. ‣ The lack of tax planning can result in paying more taxes than necessary. ‣ Building a tax-efficient retirement plan involves mastering provisional income, categorizing money by tax impact, strategizing the order of withdrawals, measuring tax bracket capacity, deciding between paying taxes now or later, and engaging in ongoing tax planning. ‣ Common mistakes to avoid in retirement tax planning include assuming that taxes will be lower in retirement, ignoring how Social Security is taxed, neglecting Roth IRAs and Roth 401(k)s, disregarding taxes altogether, and taking money from accounts in the wrong order. Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.