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Ep 3: Creating a Tax-Free Retirement Blueprint

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Retirement Planning

Are you doing everything you can to keep as much money in your pocket in retirement? Many people are focused on tax preparation but not tax planning, and that’s something we have a blueprint process for clients. John Major is a Senior Tax Advisor on our team and takes us through the steps of that process on the show.

Much of our life is focused on accumulating enough wealth to allow us a comfortable and enjoyable retirement, but have you thought about how much of those savings will be impacted by taxes down the road?

Most people think about tax preparation each year but spend much less time on tax planning. The latter can save you a significant amount of money in retirement if done right. Tax planning isn’t meeting once a year with your financial professional and we pay very close attention to this part of retirement planning.

John Major is a Senior Tax Advisor on our MLN team and has worked with countless clients to build a plan that helps minimize taxes. He helps execute our tax-free retirement blueprint process, which we’ll take you through the steps today.

You can even argue that tax planning is as important as anything you can be doing right now with your financial plan. First, we’re enjoying historically-low tax rates while the country continues to spend trillions of dollars to help the economy. Nearly every expert expects taxes to only go up from hear and who knows how significant that increase could be. That’s why you need to be making tax considerations now.

The other thing that’s really impacted taxes recently is the SECURE Act, which been devastating for inherited IRAs. There are steps you can be taking to avoid the tax bomb that you could be passing on to your beneficiaries, which is why we want to spend time on that during the podcast.

Check out the show to get the full rundown of the blueprint process and contact us if you’d like to see how it can be incorporated into your plan.

Listen to the full episode or use the timestamps below to find a specific segment.

1:00 – Background on John

2:29 – Preparation vs Planning

4:00 – SECURE Act

5:02 – Our blueprint process

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