Tax Surprises Through The 4 Stages of Retirement (Ep. 80)

Are you nearing retirement and worried about navigating the complexities of taxes? Join Jeff Green and Lauren Smith, financial advisors at Green Financial Group, as they tackle the often-overlooked, but crucial, topic of taxes in retirement. While visions of pickleball and leisure may dance in your head, Jeff and Lauren warn that failing to plan for taxes can be a real “gut punch” to your nest egg. Together, Jeff and Lauren discuss:

  • The four stages of retirement: Pre-Retirement, Go-Go Years, Slow-Go Years and No-Go Years
  • Expense considerations in retirement including inflation, longevity and the shift from a structured workweek to “every day is a Saturday!”
  • Understanding how your after-tax retirement savings will work BEFORE you retire
  • Why it’s important to evaluate the next year’s tax bill and project future tax implications, especially regarding Required Minimum Distributions (RMDs)
  • Staying aware of potential tax traps with Social Security, Medicare and IRA withdrawals
  • Why you should focus on estate planning, even if your estate doesn’t reach the federal tax threshold
  • And more!

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Please note: Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional.

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.