Episode 340 - Taxes in Retirement

In this episode, Ryan Burklo discusses the complexities of taxes in retirement, challenging the common myth that individuals will be in a lower tax bracket after they retire. He emphasizes the importance of planning for tax implications on income streams and the necessity of tax diversification to maximize after-tax income. Through examples, he illustrates how different investment strategies can impact tax liabilities and overall financial health in retirement.

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Related episode Ryan mentioned in podcast: https://www.builtforlifenotjustwealth.com/episode-252-how-do-taxes-work/

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Takeaways

The myth of lower tax brackets in retirement is often misleading.
Planning for tax implications is crucial for retirement income.
Most people focus on accumulation rather than distribution planning.
The IRS does not refund poor financial planning decisions.
Tax diversification can significantly affect retirement income.
Roth accounts can provide tax-free income in retirement.
Understanding tax brackets is essential for effective retirement planning.
Effective tax rates can be lowered through strategic withdrawals.
It's important to consider both accumulation and tax strategies.
Maximizing after-tax income should be a priority in retirement planning.

Chapters

00:00 Understanding Taxes in Retirement
02:20 Analyzing Income and Tax Brackets
05:55 Tax Allocation and Diversification Strategies
08:18 Maximizing After-Tax Income in Retirement