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Wealth management is more than just investment advice – it includes all aspects of a client’s financial life.

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Four Tax Strategies To Have In Place Before Retiring

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  • Four Tax Strategies To Have In Place Before Retiring

by | Nov 4, 2022

To somewhat alleviate and help one overcome the “surprises” in retirement, let me suggest 4 tax strategies to have in place before stepping into your retirement years. You may ask what surprises, well there is inflation, longevity, living expenses and health care. So here goes.

  1. Before retiring, know what your “after-tax” retirement savings look like. Review the types of accounts you have and pre-determine when to tap to minimize the impact on your taxes and savings balances.
  2. There are tax traps with Social Security and Medicare. What effect will Social Security have on income tax (may be more than you might expect) and be aware of the income-related adjustment amount IRMA.
  3. Ideally one should have taxable, tax-deferred, and tax-free assets established before reaching retirement. This will allow for flexibility in taking income while managing for tax brackets efficiently.
  4. Beyond that, this is a good time to organize one’s assets for the family’s benefit. We all realize we can’t take it with us, so what is the most tax-efficient way to pass on to heirs? Lots of choices and ways to maximize how much you pass on without overburdening your heirs.

What this is suggesting, retirement planning is best discussed and organized years before retirement approaches. Not so much about what to do in retirement as establishing assets that will provide the most flexibility and efficiency when retirement comes.

For me as a financial planner and wealth manager, it is both rewarding and frustrating when a client retires. Rewarding when my client has worked with my firm for years prior and assets are well positioned for this flexibility and efficiency. Frustrating when we get a client without multiple asset choices and thereby limited in what they can do for income and tax efficiency. Frustrating only in we know what could have been done.

If you would like to know more about the tax strategies to have in place before retiring feel free to reach out to me or one of the advisors in my firm. We would love to sit down and discuss your retirement plans with you in detail and offer some suggestions. We can be reached at 817-717-3812.


This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

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