About this episode

Wade Pfau and Alex Murguia discuss tax planning mistakes that can impact retirement income.

In this episode of ’Retire with Style’, Wade Pfau and Alex Murguia delve into the intricacies of tax planning as part of retirement strategy. They discuss the importance of asset location in retirement accounts, the pitfalls that retirees face regarding taxes, and strategies for effective tax planning. The conversation emphasizes the need for careful consideration of how different types of income can impact tax liabilities, including Social Security and Medicare premiums. The hosts also highlight the significance of rebalancing portfolios in a tax-efficient manner and the benefits of utilizing tax maps for better financial planning. Listen now to learn more! Takeaways Asset allocation should come before asset location in retirement planning. Tax-efficient asset classes should be prioritized in taxable accounts. Rebalancing in tax-advantaged accounts avoids generating taxable income. Understanding the social security tax torpedo is crucial for retirees. Roth conversions can be strategically timed to minimize tax impact. Medicare premiums can significantly increase based on income levels. Effective tax planning can lead to substantial savings in retirement. Utilizing buffer assets…

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