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In this episode, Kolin and Kyle discuss a case study of a married couple who retired with $1.5 million in tax-deferred accounts. The couple had several concerns, including when and how to claim Social Security, the need for more comprehensive financial planning, uncertainty about how much they could spend in retirement, adjustments needed in a down market, and how to distribute their pre-tax money in a tax-efficient manner. The hosts also highlight common tax mistakes that can impact retirement and the importance of considering sequence of returns risk. They provide suggestions for tax planning, including early Social Security claiming, Roth conversions, and creating a comprehensive retirement plan.

Takeaways

• Consider the best strategy for claiming Social Security based on your individual circumstances and goals.
• Seek comprehensive financial planning that goes beyond pie charts and includes tax planning.
• Determine your desired spending capacity in retirement and make adjustments as needed.
• Be aware of the potential impact of market downturns and have a plan in place to adjust spending if necessary.
• Consider the tax implications of your retirement accounts and explore strategies like Roth conversions.
• Avoid common tax mistakes in retirement, such as assuming you will pay less taxes, not planning for Social Security taxation, ignoring taxes altogether, and withdrawing from accounts in the wrong order.
• Understand the concept of sequence of returns risk and its potential impact on your retirement.
• Create a comprehensive retirement plan that addresses your specific concerns and goals.
• Consider whether you are better off managing your retirement planning yourself or seeking professional help.

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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.