Tax Mistakes New Retirees Make

📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

Nobody enjoys tax season, but retirement introduces a whole new set of rules, and many retirees don’t realize the impact until it’s too late. In this episode, Wade breaks down some of the most common tax mistakes new retirees make and explains why tax planning shouldn’t be treated as a once-a-year task, but as a strategy that works for the next decade and beyond.

Later in the episode, Wade answers listener questions, offering insights on common retirement challenges- like whether to keep heavily concentrated stock in a 401(k) and how to manage taxes on an inherited IRA.

Here’s some of what we discuss in this episode:

💣 RMD Time Bomb: Future withdrawals can create massive tax hits

🔁 Roth Strategy: Conversions must be timed and coordinated carefully

💸 Social Security Taxes: Benefits can be more taxable than expected

🧮 Short vs Long-Term: Tax prep isn’t the same as tax planning

‍❤️ Survivor Impact: Taxes often rise after one spouse passes

Read The 5 Biggest Tax Mistakes New Retirees Make in the First 5 Years

https://www.kiplinger.com/taxes/tax-planning/biggest-tax-mistakes-new-retirees-make-in-first-years

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.