Avoiding The Retirement Tax Trap

Taxes don't disappear in retirement—they can become even more important. Many retirees have most of their savings in traditional IRAs and 401(k)s, where withdrawals are fully taxable and may increase taxes on Social Security benefits. One way to manage this challenge is by balancing retirement savings across three tax buckets: tax now, tax later, and tax free. This can provide greater flexibility and help reduce taxes over time. In this video, Lynn Berry and Dan Lemens explain how these tax buckets work and why tax planning is the first pillar of our TRIPP® Process. Visit our video library for more retirement tax strategies and a deeper look at the tax torpedo.