Thursday Feb 16, 2023

Addressing The Most Pressing Client Retirement Tax Questions From The Past Few Months

On this episode of Smart Money Questions, we'll be discussing one of the most pressing concerns for retirees: taxes. As you prepare for retirement, it's important to consider how your income sources will affect your tax obligations, and to plan accordingly. Whether you're transitioning into retirement or already retired, taxes can have a significant impact on your financial well-being.

Matt has spent years helping clients navigate the complex world of retirement planning, and he's here to answer some of the most common questions he receives about taxes. You'll learn about the best ways to handle your tax payments, and what to do if you retired halfway through the year on W2 income. One of the biggest concerns for retirees is the prospect of giving up a high-paying job for a significantly lower retirement income distribution. However, Matt will explain how the tax advantages on retirement income can make this a positive decision for most clients.

We'll also delve into the concept of "golden handcuffs" and how it can create a vicious cycle for those who stay at their job too long to get an end-of-year bonus. Finally, we'll explore the most popular topic of the past two months that clients want to address: Roth conversion opportunities. Matt will break down the various options available and explain how they can benefit retirees.

Whether you're a seasoned retiree or just starting to plan for retirement, this episode is packed with valuable insights to help you make informed decisions about your taxes and your finances.

On today’s show, here’s some of what you’ll learn:

  • Whenever a client is transitioning into retirement, they’re always wondering what they should do with taxes. They’re curious about how to handle monthly payments vs. bi-weekly salary checks. They also are often confused about what to do tax-wise if they retired halfway through the year on W2 income and lived on retirement income the rest of the year. (6:40)
  • Some retirees are surprised by the need to pay taxes quarterly. Matt describes how he walks clients through the best ways to make these kinds of payments. (9:57)
  • It can be difficult for many retirees to envision giving up a high-paying job for a significantly less retirement income distribution. However, Matt says that most of the time it’s a good prognosis for clients because of the tax advantages on the retirement income dollars. (11:50)
  • “Golden handcuffs.” Matt details another issue clients face where they might stay at their job too long to get an end-of-year bonus. It can create a vicious cycle. (15:00)
  • The past 60 days, questions from clients have been coming in about Roth conversion opportunities. Matt breaks down the options. (17:52)

If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.

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