Reducing Taxes in Retirement

Senior tax issues are the not same as for younger people as there are several senior tax issues that only apply to people age 60+. For example, because the average fixed annuity owner is age 66, tax issues affecting fixed annuities are basically senior tax issues. The same would be true of tax issues affecting long term care as the average long term care buyer is age 62. And since you must be age 62 in order to get social security benefits, anything impacting the taxation of social security benefits become an issue of tax planning for seniors.

As to estate taxes, there are very few people under age 60 that do any estate planning to estate taxation becomes a tax planning issue for seniors. So as we see, the tax landscape is quite different for seniors than it is for other age groups.

Avoiding Expensive Tax Pitfalls in Retirement

As we transition and create our income plan for our golden years, we uncover the painful reality that the road to retirement has its own shares of taxation pitfalls.  Here are a few of the more common errors that most can avoid with a little planning.

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