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Reducing taxes to help your portfolio last longer

Retirement Tax Planning Income

Welcome to another retirement tax planning video. I’m Dan Lohmar CFP professional with United Wealth Management where we specialize in PRAP management and financial planning for United pilots. And like many of you, my business partner Alan Bewley and I are both United Pilots.  Welcome to another retirement tax planning video. I’m Dan Lohmar CFP professional with United Wealth Management where we specialize in PRAP management and financial planning for United pilots. And like many of you, my business partner Alan Bewley and I are both United Pilots.  

When it comes to helping your investments last as long as they can in retirement you must plan how and when you will use taxable, tax-deferred, and tax-free assets to manage your income and tax brackets efficiently. You cannot be haphazard about tapping your tax deferred savings. Timing is everything - that is as it relates to the stage of retirement you are in  and which accounts you pull from and in what order.  If you don’t plan carefully, through all stages of retirement, you may encounter unintended tax consequences.

There are so many possibilities to strategize retirement income that it is impossible to say one method works best.  The best thing you can do is compare your options as they relate to your situation and make an informed decision.  For now let me just show you a good example of how much difference the order of withdrawal can make and we’ll improve a little more with a Roth conversion.