Retirement Tax Withholding - Tips for Avoiding Tax Surprises

Secure Your Retirement

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the importance of understanding tax withholdings in retirement to avoid tax surprises. Unlike during your working years when taxes are automatically withheld from your paycheck, retirement requires a more strategic approach to managing taxes. To help navigate this complex terrain, they bring in Taylor Wolverton, a Certified Financial Planner and Enrolled Agent specializing in tax strategy. Taylor shares her expertise on how to adjust tax withholdings and make informed decisions to ensure smooth income flow during tax season.

Listen in to learn about how you can avoid unexpected tax bills or penalties by effectively managing your retirement tax withholdings. Taylor provides practical examples and shares real-life scenarios to demonstrate how different income sources, such as Social Security benefits, pensions, and investments, can impact your tax obligations. This episode is a must-listen for anyone looking to develop a robust retirement tax strategy and maintain financial peace of mind.

In this episode, find out:

• How to adjust your tax withholdings in retirement to avoid surprises and penalties.
• The impact of different income sources, including Social Security and pensions, on your tax obligations.
• Strategies for maintaining consistent cash flow and managing tax liabilities efficiently.
• Real-life examples and scenarios illustrating the importance of understanding tax withholdings.
• Tips on reviewing and adjusting tax withholdings annually to align with your changing financial situation.

Tweetable Quotes:

• "The power of understanding your withholdings is peace of mind—no surprises come tax time." — Radon Stancil
• "Adjusting withholdings isn't just a set-it-and-forget-it task; it's an annual review to ensure your tax strategy aligns with your retirement goals." — Taylor Wolverton, CFP, EA

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.