In this episode of the Money Mastery Unleashed Podcast, Adam Olson, a Certified Financial Planner with Mutual of Omaha, dives deep into the critical strategies for structuring retirement income to minimize taxes. He explains the different types of retirement accounts—tax-deferred, tax-free, and taxable—and the implications of withdrawing from each. Adam emphasizes the importance of strategically planning distributions to keep tax liabilities low while ensuring a consistent income stream throughout retirement. By tailoring withdrawal strategies to individual needs and adjusting them annually, retirees can avoid unnecessary tax burdens and maintain financial stability. Adam also highlights the significance of considering factors like Social Security taxation, Medicare premiums, and the potential benefits of consulting a knowledgeable financial advisor. This episode is packed with practical insights to help listeners navigate the complexities of retirement income planning, ensuring they enjoy a comfortable and tax-efficient retirement.
"How you structure your income in retirement can significantly impact the taxes you pay—strategic planning is key to minimizing your tax burden."
Key Takeaways:
Types of Retirement Accounts
Additional Income Sources in Retirement
Structuring Retirement Paychecks
Investment Strategy Alignment
Learn more about Adam Olson by visiting the following links:
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Investing involves risk, including loss of principal.
Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions. Any strategies discussed may not be suitable for everyone.
Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC. Adam Olson, Representative. Mutual of Omaha Investor Services is not affiliated with any entity listed herein.
This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product.
Mutual of Omaha Investor Services and its various affiliates do not endorse or adopt comments posted by third parties. Comments posted by third parties are their own and may not be representative or indicative of other's opinions, views, and experiences.
