Tax Efficiency

Social Security & Your Retirement

Much like how you have to pay taxes on your income before you retire, you also need to pay taxes on your retirement income. Before you retire and while you continue to enjoy retired living, our financial advisors will assist you with a tax assessment, income reduction reports, and devising a tax strategy so that you will gain a deeper understanding of the role your taxes play in retirement.

Understanding Your Taxes When You Retire

Many older adults are shocked when they find out they still need to pay taxes on their retirement income. When planning for a comfortable retirement is already stressful enough, adding taxes to the plan creates additional stress and confusion. However, taxes do not need to be so overwhelming; we are happy to help navigate your taxes and what they mean for your retirement.

Retirement Tax Assessment

Various factors will determine how exactly you are taxed when you retire. These factors include where you will live, how much retirement income you are expected to receive, and even whether or not you and your spouse file joint tax returns. Taxes will be another large expense, but our financial advisors are here to help you plan accordingly.

Tax Income Reduction Reports

Similar to pre-retirement, income reduction is a strategy utilized to reduce how much money you owe in taxes. The good news is that you can use the same type of strategy when handling your retirement taxes. We will work with you to create a report that includes your gross income, above-the-line deductions, and below-the-line deductions.

Tax Strategy Comparison

There are various strategies you can implement in order to boost your tax efficiency, but it may be difficult to tell which strategy is legal and will work best for you. This becomes increasingly challenging if you end up changing course with your retirement plan, so we take the time to compare different retirement tax strategies with you and determine the strategy that is most suitable for your unique needs.

Tax Review

It’s no secret that taxes may be complex and confusing for many, especially when you start planning for retirement and realize there is much more than meets the eye when it comes to navigating your retirement in a way that makes it less stressful and more achievable. When tax season arrives, we will pair you with a qualified tax professional who will review your taxes with you, ensure everything is correct and accurate, and make certain that you are getting the most out of your chosen tax strategy.

*Please note: Neither SagePoint Financial or its representatives provide tax or legal advice.

Download Our Free Guide

Understanding Social Security Benefits

This Detailed eGuide explains how to apply, covers timing, health, you desire to work, and other factors that may influence your Social Security claim decision.

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