Retirement Tax Management: Withdrawal Strategies

Nov 27, 2019

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After all of the retirement tax management topics over the past few episodes, today we finally get to withdrawal strategies. We are wrapping up our monthlong series on retirement tax management, so make sure you listen to the previous 3 episodes to get the scoop on managing your taxes in retirement. This is a huge topic that we will definitely revisit in the future. But today you can get some great tips on how to manage income in retirement, dangers to look out for, and withdrawal strategies. When you’re done listening, head on over to RogerWhitney.com and take our listener survey to give us your input on the show.

Christmas gift ideas for those that have everything

NeuYear Calendar - This is a great idea if you are within 5 years of retirement. I have this huge 5-foot wall calendar. It’s a great way to plan your vacations, your countdown to retirement, or you can use it as a jumpstart to a vision board.
Everplans - This is a $75/year subscription service that is a platform where you can store all of your important documents and passwords together online. The online portal can help you organize everything you need. The beauty of this service is that you can assign delegates to see as much or as little as you choose. Or they can access it only when you pass away. *If you are an annual member of RRC you get a subscription to Everplans included with your membership.
Smart plugs - These are really cool plugs that can connect to your phone via an app and you can control your lights from different locations
Away Luggage - Great for all that traveling you have planned in retirement.
Airpods Pro - A great gift for Apple enthusiasts.
Give’r gloves - Outdoor gloves that last, you can even have them branded for a more personal touch.
Perini Steaks - Who doesn’t love a good Texas steak?!
Cutco Knives- Sure, we’ve all heard the sales pitch, but seriously these are fantastic knives! Get them engraved to add a personal touch.

Meet BW, our host of the new Coaches Corner segment

We’re starting a new once a month segment that includes coaching tips for the theme of the month. These tips aren’t on the financial side of things, but rather the more personal side. BW is a certified retirement coach who is also the head of the education department at the Rock Retirement Club. BW will bring research and coaching tips to help you learn to ease into and then thrive in retirement. Topics may include work reorientation, replacing work functions, life meaning and purpose, family and relationships, how to fill your day in retirement, or health and leisure. Listen to the new Coaches Corner segment to meet BW and hear his tips on tax management in retirement.

Taxes to be aware of in retirement

Tax management in retirement is a multi-dimensional puzzle. There is so much to consider, but that’s why you’re planning ahead by listening to this show! Let’s look at some taxes you need to be aware of in retirement:

Social Security taxes
IRMAA surcharges - Remember these reflect 2 years in the past.
Income taxes and income tax brackets - Become more familiar with them since you now have more control of your income in retirement.
Required minimum distributions - Once it starts it never stops!

Withdrawal strategies you can use to help plan your taxes in retirement

Even though there are lots of scary new taxes to be aware of in retirement. It’s actually an exciting time, tax-wise, because you have much more control of your taxes than ever before. You are in control of your income and you can time it in ways you never have been able to before. And there are plenty of other strategies you can use to help you manage your taxable income. Consider doing Roth conversions, strategic gifting, and timing your Social Security to help you manage your taxes in retirement. Listen in to learn how to create a dashboard and plan your taxes year by year.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT