Tax planning is an important component of financial planning for retirees and those approaching retirement. Although most retirees are in a lower tax bracket during retirement since they are no longer working, it doesn’t necessarily mean you’ll end up with a lower tax bill. Issues such as the tax implications of Required Minimum Distributions and taxation of social security must be planned out carefully.
Although we do not prepare tax returns, current tax law will always play a role in our investment and financial planning recommendations.