It’s that time of the year where taxes become top of mind as people look through income over the past year to get their filing in order, but taxes need to be at the forefront of your financial planning throughout the year. The problem is tax planning isn’t simple. It takes years of experience and education to have a thorough grasp on what you owe, especially as your income sources expand.
We want to spend some time discussing taxable income on this episode to help you get a better understanding of what you’ll be responsible for in retirement. Taxes come in many different forms in retirement and it takes more than just a yearly check-up to stay on top of what you owe. Laura Stover, RFC® and Michael Wallin, CFP® will take you through the different types of income sources and talk through some of the tools and strategies we utilize with our clients.
Planning is a key pillar of Redefining Wealth® and something we should be mindful of on an ongoing basis. That’s why we have a CPA on the team that helps with discussions around tax harvesting, life insurance, capital gains, Roth conversions and more. By prioritizing tax planning throughout the year, you’ll be in a much stronger position financially in retirement and avoid a huge surprise each April.
Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/
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Timestamps (show notes):
5:48 – What is taxable income?
11:57 – How do you get more money in the tax-free bucket?
17:31 – Is it too late to make meaningful tax changes if you’ve already retired?
20:24 – How does the death of a spouse impact income and taxes?
24:37 – The tools we use for tax planning
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