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Reducing Lifetime Income Taxes

Income taxes are far and away the largest expense you’ll likely face in retirement. The good news is that for perhaps the first time in your life, you will largely have control over your income taxes. In retirement, you have discretion over:

  • The size and timing of IRA withdrawals
  • When to recognize capital gains
  • Pension distribution options and timing
  • When to commence Social Security benefits

When you use this control in your favor, you can greatly strengthen your retirement. In our experience, however, we found that most people do not take full advantage of the tax planning opportunities in front of them. This is understandable given the sheer number of moving parts.

To help you spend less on taxes and more on living, we use sophisticated tax-planning software to create and evaluate detailed multi-year scenarios. We’ll present you with our best ideas, and then coordinate with your tax advisor for optimal execution.

We’ll provide you with up-to-date answers for your questions, which may include:

  • Which accounts should I spend down first?
  • Can I qualify for a lower federal capital gains tax rate?
  • Should I consider a Roth IRA conversion?
  • How can the impact of Required Minimum Distributions1 be mitigated?
  • What other strategies should I consider?

In addition, we specialize in solving the needs of people with complicated tax situations in retirement. This may include equity compensation packages, employer stock in qualified plans, and deferred compensation arrangements.

As you’ll quickly see when you meet us, reducing income taxes is a passion of ours, and it is also measurable evidence of the value we provide. Next, you might be interested in:

Yoder Wealth Management does not provide tax or legal advice. Please consult with your tax advisor for specific tax advice.

1 – Required Minimum Distributions from IRAs and qualified plans generally must begin by April 1st following the year in which you reach age 70 ½

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