Show Notes
When it comes to taxes, one of the biggest mistakes you can make is waiting until it's time to file your return to start thinking about tax planning. By then, many of the opportunities to reduce your tax burden may already be gone. And for retirees, failing to plan ahead could mean paying more in taxes, higher Medicare premiums, and keeping less of the money you've worked so hard to save.
In today's episode, Ed and LeAnne discuss why having a year-end tax planning meeting is so important, how tax planning differs from tax preparation, and why your financial advisor and CPA should be working together to make sure you're not leaving money on the table.
They also explain why tax strategies need to be reviewed every year as your financial situation and tax laws change. From Roth conversions and required minimum distributions to charitable giving and the widow tax, you'll better understand why there's no one-size-fits-all approach to tax planning and how making proactive decisions today can help protect your retirement income in the years ahead.
In this podcast, you’ll learn:
- Why tax preparation alone isn't enough to minimize your retirement tax burden.
- How annual tax planning can help you avoid costly tax and Medicare surprises.
- Why Roth conversions don't make financial sense for everyone.
- How the widow tax can affect your surviving spouse's retirement income.
- Why your financial advisor and CPA need to work together on tax planning.
How Fit Is Your Retirement Plan?
We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
