033: Taxes In Retirement: Part 1

Taxes are the single biggest expense that people have in retirement. Everyone wants to have a plan in place to deal with them, but few know how to do it well.  When you retire, paying taxes on Social Security and even on ordinary income can be voluntary, but only if you have the right plan in place. With the national debt rapidly rising and no predictable budget set by Congress for several years in a row, personal planning has gotten more important than ever. Today, in the first part of a two-part series, we take a look at the state of taxes for retirees right now, why retirees are proving conventional wisdom about taxes wrong all the time, and what the future may hold. In this podcast interview, you’ll learn: Why most people don’t need less income when they retire - and aren’t in a much lower tax bracket in retirement, contrary to conventional wisdom.  Why the low taxes brought into effect in 2018 will likely go away in the event of a Biden win.  Why your tax retirement is the most expensive money you can buy - and how to plan accordingly. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/33 How Fit Is Your Retirement Plan?  We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com