There typically comes a time when your income sources drastically change from one source to another, or from one to multiple sources.

For most, this will be shifting from earning income from a career, to then living off your own savings, potential pensions, or even passive income from real estate or businesses.

During this phase of life is when you have the opportunity to capitalize on tax planning and reduce your lifetime tax bill substantially!

More specifically, I discuss:

• Planning early enough to be able to implement tax savings strategies.

• Getting strategic about when you claim Social Security for lifetime tax savings.

• Tax planning strategies for retirement accounts.

• Preserving your capital gains from taxation.

• Roth conversions during your “gap years”.

 

Resources:

• Access Show Notes HERE

• Free Retirement Jump Start Analysis for Ages 50+

• Ask Cameron A Question!

 

The key moments in this episode are:

00:01:15 - The Art of Paying Less Taxes 

00:03:15 - Importance of Early Retirement Planning 

00:05:54 - Differentiating Tax Preparers and Tax Planners 

00:08:31 - Strategic Social Security Benefits and Tax Planning 

00:14:37 - Tax Planning Strategies for Retirement Accounts 

00:15:48 - Shielding Capital Gains from Taxation 

00:17:13 - The Importance of Long-Term Planning 

00:18:55 - Delaying Social Security and Tax Implications 

00:24:01 - Roth Conversions and Tax Savings 

00:30:13 - Investment Strategies and Services 

00:30:44 - Considerations for Roth IRA Conversion 

00:31:16 - Risks and Considerations for Bonds 

00:32:03 - Tax and Legal Advice Disclaimer