This topic of taxes is such an important one, especially when it comes to retirement, because the more you pay in taxes, the less income you’ll have to spend. By exploring the five ways taxes can rise, we can help prepare you for what might happen and then discuss the ways to protect yourself.
When you look ahead to retirement, we prepare for the possibility of taxes doing one of three things in retirement: go up, stay the same, or go down. The current tax code is set to expire in 2025 so we already know that if nothing happens, rates will go up. So while we don’t know what will happen beyond that point, knowing the ways taxes could rise will help you understand how it might affect your planning.
Here’s some of what you’ll learn on this episode:
- Your taxes in retirement could do one of three things. (5:46)
- What could lead to you changing tax brackets in retirement. (10:00)
- The possibility of deductions being eliminated could impact you a lot. (13:33)
- Assets could get taxed differently in the future, such as Social Security. (15:33)
- What else can you be doing now to protect yourself for higher taxes. (21:30)
Get the PDF download on higher taxes that Scott referenced on the show by clicking here.
Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.