Maximizing Retirement Spending & Minimizing Your Overall Tax Bill

Retire Ready with Kyle Hammerschmidt

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Summary
In this episode, Kyle and Kolin discuss steps three and four of a tax-efficient retirement plan. Step three focuses on understanding the order of withdrawals, which involves categorizing money by tax impact and developing a withdrawal strategy. The goals of a withdrawal strategy include maximizing retirement spending, minimizing taxes, enhancing portfolio longevity, reducing long-term tax bills, and eliminating or reducing taxes on Social Security benefits. Step four involves understanding tax bracket capacity and planning for tax-efficient withdrawals. The hosts provide examples and case studies to illustrate these concepts.
Takeaways

Understanding the order of withdrawals is crucial for developing a tax-efficient retirement plan.
A withdrawal strategy can help maximize retirement spending, minimize taxes, and enhance portfolio longevity.
Measuring tax bracket capacity is important for planning tax-efficient withdrawals.
Tax-efficient withdrawals can help reduce long-term tax bills and eliminate or reduce taxes on Social Security benefits.
Proper planning and understanding of tax strategies can lead to a more secure and tax-efficient retirement.

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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.

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