Kimberly Pohler, Financial Strategist with Pohler Financial, Interviewed on the Influential Entrepreneurs Podcast Discussing How Taxes Impact Retirement

Kimberly Pohler discusses understanding the impact of taxes on a retirement plan. 

Listen to the interview on the Business Innovators Radio Network:

One of the key takeaways from the podcast episode is the significant impact that taxes have on retirement planning. Kimberly Pohler, a financial strategist, emphasizes that taxes play a crucial role in shaping the financial landscape of retirement. She highlights the common misconception among individuals that their tax burden will decrease once they retire and enter a lower income bracket. However, Kimberly points out that this assumption may not hold, especially considering the current economic environment characterized by deficit spending.

The discussion delves into the likelihood of taxes increasing in the future. Kimberly explains that the rising deficit and continuous government spending suggest a trajectory where taxes are more likely to go up rather than decrease. This insight is crucial for individuals planning for retirement, as it underscores the importance of factoring in potential tax implications when strategizing for their financial future.

Kimberly explained: “The inevitable is the deficit spending that we have, you got to have a balance. So just getting them to try to get away from a conditioned mindset, so to speak, that just because you are retiring means taxes are going to go down.”

Furthermore, the conversation touches on the impact of taxes on Social Security benefits and Medicare. Kimberly highlights how many retirees are caught off guard by the taxation on Social Security income, which can range from 50% to 85%. This unexpected tax burden can significantly impact retirees’ financial plans and underscores the need for a comprehensive understanding of how taxes can erode retirement savings.

In light of the potential increase in taxes in the future, Kimberly discusses various strategies to mitigate tax burdens in retirement planning. She mentions the importance of diversifying retirement accounts and considering vehicles like Roth conversions and cash value life insurance to optimize tax efficiency. By proactively addressing tax implications and incorporating tax-efficient strategies into retirement planning, individuals can better prepare for a future where taxes are likely to rise, safeguarding their financial well-being in retirement.

Kimberly also shared: “I believe quality education is paramount to equipping my clients to make sound financial decisions so that they are accomplishing purposeful financial planning for the seasons of their lives.”

About Kimberly Pohler

Kimberly Pohler, CLTC, CFed®, is passionate about helping others. She helps her clients navigate the confusing world of finance by educating them on how to plan for each season of their life.  It goes beyond protecting your health. Kimberly has identified many crucial areas of concern: health, life, disability income while you’re working, senior healthcare, Social Security, longevity (never running out of money), the high cost of aging impact on investments, and protecting a legacy for her client’s children.  She uses her own extensive knowledge as well as a team of specialists to provide cutting-edged resources in an ever-changing environment.  She knows that God blesses us daily with the gift of life and the opportunity to make a difference in the world. Each new relationship in her business and personal life is meant to be cherished.

Kimberly is an avid gardener who also enjoys cooking what she grows, hiking, campfires, and family fellowship.   She lives in rural Indiana with her husband, Jeremy, her two sons, Blake and Preston, and their fur baby Yorkies, Brianna, Finnegan and their German Shepherd, Gus. She is the author of The Money Garden: Purposeful Financial Planning for Your Seasons of Life.

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