Retired, Relaxed… and Overpaying Taxes? Here's How to Keep More of Your Money

Retirement used to signify "done with the IRS."

What about today?  Retirement is less about working and more about controlling withdrawals, timing income, and avoiding costly tax blunders.

And yet, every June, we encounter clients who have no idea they're creating one.

If you've recently retired—or expect to retire in the coming years—here's the truth:

Tax planning after retirement is just as crucial as it was while working.

Perhaps more.

Why Mid-Year Is Prime Time for Retirees

Summer may not come to mind as a time for tax planning.  But now is the right time to:

• Adjust your withdrawals before the year-end RMDs occur.
•  Rebalance your income sources to reduce taxes.
• Avoid the Medicare premium cliffs caused by concealed income.

Because by the time December arrives?  The majority of the damage has already been done.

3 Retirement Tax Mistakes We See All the Time (That You Can Still Fix Right Now)

1. Waiting Too Long on RMDs (or Forgetting Them Altogether)

If you are 73 or older, you must withdraw Required Minimum Distributions (RMDs) from your IRA and certain retirement plans.  Missed it?  That is a 25% penalty on the amount you should have withdrawn.

Even if you don't need the money, you'll need a plan to stay compliant and minimize the damage.

2. Pulling From the Wrong Accounts First

Many retirees begin with their IRAs or 401(k)s, leaving Roth IRAs alone.  However, depending on your bracket, this could lead you to:

• Activate higher tax brackets.
• Increase Medicare premiums (IRMAA fees).
• Lose prospects for tax-free growth.

A well-planned withdrawal strategy can extend your retirement funds by several years.

3. Overlooking Capital Gains on the Side

Selling a property?  Rebalancing investments?  Side consulting gigs?

All of this counts as income and can drive you over important milestones.  Especially if you also receive Social Security.

 Mid-year planning allows you to harvest gains or losses wisely while avoiding accumulating too much income in one year.

Bonus: Gifting, Legacy, and Giving Without the Tax Drag

• Want to help the kids or grandchildren?
•  Thinking considering donating to a cause you care about?
•  Need to manage estate taxes before they change in 2026?

There are sensible methods to do this without increasing your tax bill.

Retirement Should Be Peaceful. Your Tax Plan Should Match.

You've spent decades building up your savings.  Don't allow preventable tax surprises deplete your earnings.

We are here to help you plan your retirement income in the most effective way possible.  We'll go over your existing strategy, find gaps, and help you plan ahead—so your money lasts longer and your stress level drops.

Contact our office if you are freshly retired, nearing retirement, or simply want a second perspective on your tax strategy.

You've done the hard work; now let's make sure it works for you, not just the IRS.