Planning for Retirement Taxes & Income – Episode 19

We’ve been telling everyone we know that there is a “tax sale” happening right now. Taxes are the lowest they have ever been, and that’s a major thing to consider when it comes to your retirement planning.

In this episode, we are talking about planning ahead for retirement taxes and retirement income, and we dive deep into Social Security. If you aren’t accounting for paying taxes in your retirement strategy, then you could be surprised when you start making withdrawals and see that you owe more than you thought. Whatever your goal is in planning for retirement (regular income, passing money on to your kids, or a blend of both), it’s important to develop a unique strategy that makes sense for your situation and your goals.

We are so thankful you are taking the time to watch and listen! Our team here at 210 Financial is here to help if you have questions or are wondering how this information may impact your specific plan.




Key Takeaways (3-5):

1) Social Security was intended to only meet your basic needs. By 2033, the Social Security Administration is expecting to only have enough money to pay out 71% of the benefits (via SSA). Social Security is just one part of your retirement plan. Whenever possible, it’s important to have additional means of income when you retire.

2) You need to choose when you will pay taxes on your retirement income. There’s no escaping Uncle Sam; you either pay taxes now or pay them later. When you hit the retirement age of 72, you no longer have as many options and must pay taxes as you take the required withdrawals. Seriously consider if it makes sense to move your retirement income over now to a pre-tax option to take advantage of the low taxes in the current economy.

3) Know the purpose of your money. You can either plan to use your money, leave it to someone else, or a combination of the two. Depending on the purpose of your money, you will want to take advantage of different tools and investment strategies. Meet with a financial advisor to help you decide what direction fits best for the purpose of your dollars.

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Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor.

Insurance products are offered through the insurance business 210 Financial. 210 Financial is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. AEWM does not offer insurance products. The insurance products offered by 210 Financial are not subject to Investment Advisor requirements. 

All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Any references to guarantees or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. 210 Financial is not affiliated with or endorsed by the U.S. Government or any governmental agency. 1580738-12/22

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