Tax Resolution
Your Team of Experts
For the next several years, approximately 10,000 people per day will qualify for Medicare. Entering retirement age comes with a myriad of questions: Continue working full-time or work part-time or not at all? When to begin receiving my Social Security benefit? Should I down-size my home?
We can help you navigate through these and other questions so you can make informed decisions and not be taken by surprise by an unexpected tax bill due to too little withholding on retirement fund distributions, etc. You worked hard to be able to retire; we’ll work hard so that you can enjoy retirement.
We can help you decide:
- Social Security
- When to begin receiving your Social Security benefit and factors to consider
- Will a portion of your benefit become taxable income?
- Should you have withholding?
- Government pension
- How much withholding is necessary for Federal and state taxes?
- How your government pension may be affected by the Social Security benefit
- Defined Qualified Contribution Plans such as 401(k), Thrift Savings Plan, 403(b), etc.
- When are you required to begin distributions?
- Should you transfer your account(s) to a Traditional IRA?
- Traditional Individual Retirement Accounts (IRAs)
- When does the Required Minimum Distribution begin?
- Should you consider making Qualified Charitable Distributions (QCDs)?
- ROTH IRAs
- Will they always be tax-free?
Retirement Planning Process
Step 1: When to retire?
We can meet with you for an initial interview to help you navigate what will work best for you and the tax implications for various scenarios. We can help you make an informed decision for the best plan of action for you.
Step 2: Tax Implications
You’ve worked hard to be able to retire; let’s work together to keep your retirement funds in your pocket while still being compliant with current tax laws. Too often, recent retirees are surprised by their tax liabilities and have to recalculate their resources.
Step 3: Lifestyle Changes
To downsize or not to downsize? We can work with you as you decide whether to age in place, change your home location/size, or help if you begin with one plan, then decide to change plans and not be worried about the tax implications.
