Tax Strategies Throughout Your Retirement

Mar 12, 2024

Your retirement will be as unique as you are. As we work with our clients at TRS, we tend to see our clients’ priorities change and evolve throughout their retirement years.

When you start to plan for your own retirement, we encourage you to consider four different retirement phases. During each phase, your goals and lifestyle will likely change, and your tax strategies ought to change along with them.

Travis Johnson, TRS financial planner and educator, helps us explore this topic in an excerpt from Retirement University’s online course, “Tax-Saving Strategies in Retirement.”

When planning for your retirement, consider these four stages of retirement and the general strategies you can consider implementing:

Pre-Retirement- Your Working Years

  • Knowing your after-tax savings before Understanding how much you can spend in your retirement is key. It’s also important to remember that different types of accounts are taxed differently, so work on gaining a clear picture of your true after-tax retirement savings.
  • Fund Roth One thing to consider as part of your retirement tax strategy is leveraging Roth IRA accounts. With a Roth account, you would pay the taxes when you make your contributions, and you can later withdraw from the account tax-free if you meet certain conditions. For instance, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. For more information on how Roth IRAs differ from traditional IRAs, you can visit.

Early Retirement – Your “Go-Go” Years

  • Understand Social Security and Medicare “taxation.” Social Security and Medicare are both complex topics that can have significant tax We encourage you to learn how things like IRMAA and the earnings test may impact your financial strategy in retirement. To learn more about these concepts by walking through example scenarios, check out the full “Tax­ Saving Strategies in Retirement” course.
  • Fill tax brackets in low-income years. In this early stage of retirement, understand where you fall in your current tax bracket so you can tax plan effectively. Carefully consider what taxes you are deferring at this stage to help you strategize and plan in the short term as well as the long term.

Middle Retirement – Your “Slow-Go” Years

  • Manage your planned RMDs. Required minimum distributions (RMDs) are withdrawals you are required to begin taking from your retirement accounts. At the time of this writing, you are required to begin taking RMDs at age 73, but please keep in mind that the RMD age will likely change again in the future.

Late Retirement- Your “No Go” Years

  • Organize your assets for tax efficiency in estate planning. As you enter late retirement, it’s important to think about how you can plan your estate in a tax­ efficient way. At this stage in your retirement, it’s especially important to understand the tax consequences your decisions can have on you and your beneficiaries.

When we think about your whole retirement, it can feel a bit daunting to consider multiple strategies while juggling changing priorities and legislation. The good news is that you do not have to tackle retirement planning alone. We at The Retirement Solution are happy to help you create a plan that works for you and your family.

You can schedule your complimentary visit with a TRS financial planner here!



Investment advisory services and insurance services are provided through The Retirement Solution LLC, a Registered Investment Advisor.

The general views outlined in this material are those of The Retirement Solution LLC and should not be construed as individualized or personalized investment advice. The information presented is for educational purposes only developed from sources believed to be providing accurate information. It is not intended to make an offer or solicitation for the sale or purchase of any specific products, services, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Insurance and Annuity product guarantees are subject to the claims-paying ability of the issuing company. To comply with IRS Regulations, we are informing you of the following: Any discussion or advice regarding tax issues contained in this video presentation was not intended or written to be used, and cannot be used, to avoid taxpayer penalties. Anyone viewing this presentation or contemplating a transaction discussed in this material should seek advice based on your particular circumstances from an independent tax advisor. Information is not intended to provide specific legal or tax advice.

The information in this material is not intended as tax or legal advice. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed.



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