Approaching Taxes in Retirement Strategically

Approaching Taxes in Retirement Strategically (& Making Wise Investment Goals) – Episode 2


Welcome back to Episode 2 of Your Retirement Blueprint! This show is all about helping you plan for the long-term health of your finances, and we are grateful you’re here.

In this episode, after answering a question that was sent in about investment goals someone should try to reach by age 60, Phil and Kendall are talking about how to prepare for and understand taxes in retirement! Right now, taxes are incredibly low, and so there are some intentional things we can do to move around our dollars so we aren’t hit with a crazy tax bill late in life.

This is our favorite topic, and we hope this is a good introduction as you plan and prepare for the future. There is no better time to create a financial plan than today. Enjoy today’s show!




Key Takeaways:

1) Income is what’s most important at the end of the day. Don’t get too caught up in the size of your “bucket.” The question is if you have the money you need to live off of each month. That amount is unique for everyone.

2) Consider moving money from your IRA or 401(k) while the tax rates are crazy low. Does it make sense to pay taxes while they’re on sale? Absolutely! That’s something we’d recommend you consider right now.

3) We need to think of how much we’re paying over our lifetime rather than today. This is such an important shift in perspective for most people. We get zeroed in on how to save on taxes today, but we don’t take the step back to instead look at how much we’re paying throughout our lifetime. That’s the number we really want to see decrease.

4) If you’re a young person, your dollars should probably be in a Roth IRA or Roth 401(k) rather than Traditional. As you look to decrease the taxes you pay over your lifetime, this is an easy way to do that.


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