Ryan Thacker with B.O.S.S. Retirement Solutions joins Nicea on ABC4 Utah to talk about what it means and how you can be prepared for taxes in retirement.
Ryan tells Nicea about a family that came in and sat down to talk. They had saved over $3 million for retirement and they were sure the meeting would be simple. After going through a few things, Ryan found that nearly 100% of the amount saved was in tax deferred IRA’s and 401K’s, meaning that they would be paying $1.3 million in taxes in retirement.
This is a common mistake for many in retirement. They often forget about taxes and this forces them into a higher tax bracket which means they end up paying even more on Social Security and other areas in retirement.
Depending on legislation this year, we could see a massive increase in taxes. If you’re planning on retiring in the next couple of years, you should take advantage of some defensive tax planning strategies that could give you a windfall of savings.
Give Ryan and his associates at B.O.S.S. Retirement Solutions a call at (801) 701-8881 or you can visit their website for more information on retirement income or retirement planning.
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