162. Understanding Taxes in Retirement

Discover more retirement tax saving strategies in the complimentary Retire Your Way Toolkit - https://merkleretirementplanning.com/toolkit/ Register for the next Journey to Retirement online workshop to take the first step in your retirement journey - https://merkleretirementplanning.com/workshops/ Retirement is a mindset shift – EVERYTHING changes including the way you should think about taxes. In this episode of Retiring Today, Loren Merkle and Chawn Honkomp discuss how taxes in retirement can be different than taxes in your working years. They help you understand how you can begin to calculate what you may be taxed throughout your retirement and demonstrate tax strategies that can help you lower your tax bill in retirement Loren Merkle, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY® https://merkleretirementplanning.com/staff-members/loren-merkle/ Chawn Honkomp, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY®, CPA® https://merkleretirementplanning.com/staff-members/chawn-honkomp/ Molly Nelson, Host of Retiring Today https://merkleretirementplanning.com/staff-members/molly-nelson/ Chapters 00:00 Rethinking Taxes in Retirement 04:48 What You Can Control with Your Taxes in Retirement 10:52 How to Calculate Your Social Security Tax Rate 20:50 Retirement Accounts: Taxed vs. Tax-Free 25:08 The Power of a Comprehensive Retirement Plan -- This video does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Merkle Retirement Planning LLC, Elite Retirement Planning LLC, MRP Insurance LLC, or any other third party regardless of whether such security, product or service is referenced in this episode. Furthermore, nothing in this episode is intended to provide tax, legal, or investment advice and nothing in this episode should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Merkle Retirement Planning, LLC does not represent that the securities, products, or services discussed in this episode are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.