Maximizing Retirement Spending & Minimizing Your Overall Tax Bill

Retire Ready with Kyle Hammerschmidt

Summary
In this episode, Kyle and Kolin discuss steps three and four of a tax-efficient retirement plan. Step three focuses on understanding the order of withdrawals, which involves categorizing money by tax impact and developing a withdrawal strategy. The goals of a withdrawal strategy include maximizing retirement spending, minimizing taxes, enhancing portfolio longevity, reducing long-term tax bills, and eliminating or reducing taxes on Social Security benefits. Step four involves understanding tax bracket capacity and planning for tax-efficient withdrawals. The hosts provide examples and case studies to illustrate these concepts.
Takeaways

• Understanding the order of withdrawals is crucial for developing a tax-efficient retirement plan.
• A withdrawal strategy can help maximize retirement spending, minimize taxes, and enhance portfolio longevity.
• Measuring tax bracket capacity is important for planning tax-efficient withdrawals.
• Tax-efficient withdrawals can help reduce long-term tax bills and eliminate or reduce taxes on Social Security benefits.
• Proper planning and understanding of tax strategies can lead to a more secure and tax-efficient retirement.

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Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.