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Have you ever wondered about the cost of taxes you will pay in your retirement? Will they be more or less than what you are paying today?
The short answer is — unfortunately, more. For nearly all of us, taxes will be higher in retirement than they are today. Many people will unknowingly pay thousands of dollars in additional taxes that are hidden to the point where you might not even know you paid them!
In this episode, J. Barry Watts unpacks the surprise taxes that unsuspectingly come upon you in retirement and how they will affect you in the long run. These taxes reduce your wealth, weaken you financially, cause you to run out of money earlier, and diminish the financial legacy you leave to your heirs.
Barry discusses:
- How to avoid these costs with strategic tax planning
- Three types of hidden taxes you may have to pay
- What your expected tax cost would be based on your income
- An anecdotal story of how we helped someone save significantly on their income tax
Related: What You Need To Know About Retiring in a Recession