40. Year End Tax Planning

Most people think of tax season as January through April but as the end of the year draws near the window of opportunity for tax planning in 2020 is closing. When it comes to retirement, taxes are one of the biggest wealth eroding factors but if you implement a proactive tax plan you can control some of that future tax risk. During your working years there's much less you can do to control/limit your tax liability from year to year. When we talk about implementing a tax plan, we're focused on how to be most tax-efficient over your lifetime rather than saving the most tax today which historically has been the most common school of thought. In this episode of Retiring Today, we're going to be talking about some strategies to consider and information to gather prior to the December 31st deadline.