Taking control of your taxes in retirement can help put more disposable income back in your wallet rather than giving it to the taxman. You can’t control the stock market or how long your job may be available to work, but you can have an impact on how much you pay in taxes. Financial professionals Joe Anderson and Alan Clopine walk you through the tools and strategies you can use to reduce capital gains taxes, benefit from tax-free Roth IRAs and create a tax-efficient income plan.
Important Points:
(01:28) – Preparing for Retirement
(01:58) – Taking Control of Taxes In Retirement
- Types of Income Taxes
- Reduced Capital Gains Tax
- Tax-Free Roth IRAs
- Selling Your Residence
- Creating a Tax-Efficient Income Plan
(03:04) – Types of Income Taxes
(04:00) – Taking Advantage of Capital Gains Rates
(05:25) – Tax Loss Harvesting
(09:05) – Tax Rates and Strategies
(14:06) – Large Deductions used to Offset Roth Conversions
(14:50) – Residence Exclusion
(17:31) – Take Control of Your Taxes
(20:13) – Ask the Experts
(24:04) – Pure Takeaway: Don’t Let the Tax Man Ruin Your Retirement
- Understand how the tax brackets work
- Take advantage of lower capital gains rates
- Roth IRAs are even better
- Create a tax-efficient retirement distribution plan
