Your Retirement Team’s Areas of Expertise

Your plan and portfolio is customized to your preferences and supported by your designated team of financial specialists.

tax planning

What is Tax Planning?

Tax planning encompasses a range of techniques and strategies which include utilizing tax-efficient investment vehicles, retirement contributions, charitable giving, estate planning, coordinating timing of income and expenses, and taking advantage of applicable tax credits with the objective of minimizing tax obligations and optimizing tax benefits, resulting in increased after-tax wealth and financial well-being.

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Tax planning is important in retirement planning for several reasons:

  • Maximizing Retirement Income: Effective tax planning allows retirees to optimize their retirement income by minimizing the tax burden on withdrawals from retirement accounts, pensions, and other income sources.
  • Managing Taxable Distributions: Retirees often have various sources of income, such as Social Security benefits, annuities, and investment withdrawals. Proper tax planning helps determine the most tax-efficient strategy for distributing these funds to minimize taxes and avoid unnecessary penalties.
  • Optimizing Social Security Benefits: By strategically managing other sources of income and coordinating withdrawals, retirees can minimize the portion of their Social Security benefits subject to taxation and potentially increase their overall after-tax income.
  • Minimizing Taxation on Investments: Retirees may have investment portfolios generating taxable income. Through tax planning, retirees can strategically manage their investments, such as utilizing tax-efficient investment vehicles, harvesting capital losses, or coordinating withdrawals to minimize the tax impact on investment returns.
  • Estate and Legacy Planning: Tax planning in retirement includes considerations for estate and legacy planning. By implementing appropriate strategies, retirees can minimize estate taxes, ensure a smooth transfer of assets to beneficiaries, and preserve their wealth for future generations.
  • Adapting to Changing Tax Laws: Tax laws and regulations can change over time, impacting retirees’ tax obligations. By staying informed and engaging in proactive tax planning, retirees can adapt their strategies to leverage potential tax benefits or navigate any changes effectively.

Our comprehensive tax planning services aim to maximize your after-tax wealth, minimize tax liabilities, and provide peace of mind by staying ahead of tax laws and optimizing your overall tax position based on your unique financial circumstances and goals.

We do this by providing…

  • Tax return analysis
  • Roth conversion review
  • Retirement contributions review
  • Input on how to strategically time and coordinate income streams (i.e. Social Security, Required Minimum Distributions (RMDs), investment income, etc…)
  • Planning for and management of investment capital gains and losses
  • Charitable giving strategies
  • Estate planning strategies
  • Tax law changes review

Want us to help build your roadmap to a Remarkable Retirement?

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