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White Coat Investor Podcast
WCI #410: Taxes in Retirement, Tax Gain Harvesting, and Avoiding Probate
Mar 13, 2025
Dive into the world of tax strategies for retirement! Discover how to forecast tax liabilities and the impact on retirement accounts. Learn about tax gain harvesting in UGMA accounts and its advantages. Explore the dynamics of investing in New York City's real estate market, along with self-directed IRAs for private investments. Finally, unravel the benefits of estate planning, including avoiding probate through revocable trusts, ensuring you protect your wealth effectively.
51:42
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Quick takeaways
- Forecasting tax liability in retirement requires careful analysis of investment income, capital gains, and effective tax management strategies.
- Understanding Social Security tax contributions is crucial for new attendings to prevent overpayment and maximize potential refunds during tax season.
Deep dives
Understanding Tax Liability in Retirement
Forecasting tax liability during retirement can be complex, especially when dealing with after-tax brokerage accounts. Unlike pre-tax or Roth accounts, where calculating growth is straightforward, after-tax accounts incorporate factors like tax drag on dividends and capital gains. This tax drag can significantly slow the growth of investments, particularly for assets that are less tax-efficient, such as real estate debt funds, which are fully taxed at ordinary income rates. Conversely, tax-efficient assets like Bitcoin accrue tax advantages until sold, but users must still account for capital gains rates upon liquidation.
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Discover
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