Paul Seglund discusses on mitigating taxes in retirement.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-paul-seglund-with-pacific-coast-wealth-builders/
As retirement looms, many individuals face the challenge of navigating through complex tax laws and future tax rates. To this end, Paul Seglund – a wealth manager, is proud to introduce a comprehensive guide on mitigating taxes in retirement.
In today’s world, there are several strategies retirees can adopt to minimize their tax burden. The first step involves maximizing tax-advantaged savings. According to Charles Schwab, if you’re in a lower tax bracket (0%, 10%, or 12%), consider maxing out your Roth accounts which allow for tax-free income in retirement. Traditional retirement accounts may offer more immediate tax benefits for those in a higher tax bracket.
Another critical strategy is adopting a thoughtful withdrawal strategy. Understanding how different types of income are taxed can help retirees plan their withdrawals in a way that avoids bumping them into a higher tax bracket. Furthermore, one common oversight among retirees is forgetting to take the required minimum distributions from their retirement accounts before December 31st, leading to hefty fines.
Paul shared: “Planning for taxes in retirement is not a one-size-fits-all approach, our goal is to provide retirees with the knowledge and tools they need to make informed decisions about their tax strategies.”
Furthermore, retirees are advised to regularly review their tax situation as laws frequently change. Staying updated can help prevent unexpected tax liabilities and keep retirees in a favorable tax bracket.
About Paul Seglund
Paul is a seasoned independent Wealth Manager with a focus on providing retirement income planning requirements for people to live their desired lifestyle. Another specialty is helping Business Owners with Exit Planning Strategies to maximize this important asset. A devoted outdoors enthusiast living in the Western US as an avid skier and biker, Paul resides in Boise with new wife Anne and spends time with their children and also participates in Motorsports activities as a race official and writer.