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Retirement and Taxes: What You Need to Know Now

  • Robert Santarpia

Including changes based on the Tax Cuts and Jobs Act of 2017

Taxes are a critical piece in retirement planning, yet most financial advisors avoid discussing the topic. The interactions of various tax provisions can increase an individual’s overall tax liability and, in turn, diminish the sustainability of their retirement income. In retirement, it is not uncommon to see one extra dollar that's harvested from the wrong account at the wrong time snowball into $3.70 of income subject to tax. Individuals need to understand the value of tax-sensitive retirement income strategies by visualizing a snowball - one additional dollar, harvested from the wrong place or at the wrong time, can drag another dollar or more into the tax calculation, creating tax impacts dramatically higher than what the taxpayer would expect.

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