6 Retirement Tax Torpedoes to Avoid

Do you know how much are you paying in income taxes nowadays?  if you’re like most retirees, you might be paying more than you need to—and the frustrating part? The IRS isn’t going to tell you how to lower your tax bill!

But that’s where I come in.

One of the services I offer high net worth retirees is proactive tax planning. We review anticipated income, from all sources, each year and employ strategies to help clients make the most of their hard-earned money. If this sounds like something from which you could benefit, reach out to us. You can find more about the services we offer at www.jgigliello.com. 

"Welcome to The Retirement Fix, a podcast offering strategies for less stress and more success in your go-go retirement years.  I’m John Gigliello, a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and Enrolled Agent licensed by the U.S. Treasury Department, and I’m here to be your guide to keeping more of your hard-earned money by making smart financial decisions in retirement. This podcast is for people nearing or in retirement who want to learn more about proactive tax planning, retirement income planning, social security timing, investment management and asset protection.  After a life-altering health issue at age 39, my personal journey in life became clear: To share my knowledge of personal finance with people who are looking to make smart and responsible choices with their money. 

By the way, before I get into the meat of this episode, I want to take a minute to mention that we’ve changed the name of this podcast, formerly known as Invest in Knowledge. The name change to The Retirement Fix was made simply to better reflect the content that I have been sharing for the past three years and to help the appropriate audiences find me. You can still expect more of the same great tips on tax strategies, retirement planning, investment management and other challenges faced by people wanting to craft a secure and comfortable retirement.

In today’s episode, I am going to addresses a big pain point for many retirees – TAXES. Most of you just recently filed your 2024 tax returns, so the numbers may be fresh in your mind. Did you pay more than your fair share? Are you interested in learning ways to potentially save on your tax bill for this tax year and subsequent years? Then stay tuned, because you won’t want to miss this episode.  

Today, we’re breaking down:

• How to avoid RMD tax penalties and keep more of your savings
•  The secret to reducing or eliminating Social Security taxes
•  How to pay 0% capital gains tax on your investments
•  Ways to lower your Medicare premiums and avoid the Medicare Surcharge trap that most retirees don’t even realize is possible
•  Estate planning tricks that ensure your heirs get more, not the government 
• And some pitfalls to consider with state income tax planning

So, if you’re ready to keep more of your money and stop overpaying the IRS, let’s dive in!"