You've heard it said before that tax planning is a critical element of retirement success. So what is the opportunity cost of not implementing proactive tax planning in your financial endeavors?
Well, you may find yourself setting off big tax bombs in retirement that could cost you far more than you think. It often happens that individuals are not even aware they are doing it until they file their year end tax return. We don't want that happening to you.
So, in this podcast, Derek will discuss 5 common tax bombs most retirees want to do their best to avoid!
Tax Bomb # 1: IRMAA
Tax Bomb # 2: Social Security Tax
Tax Bomb # 3: Capital Gains/Ordinary Income Taxes
Tax Bomb # 4: Required Minimum Distributions
Tax Bomb # 5: Deferred Retirement Accounts
Enjoy the show!
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