NASHVILLE, Tenn. (WTVF) — Retirement planning is about more than building savings. It's also about understanding how taxes can affect the income you rely on after you stop working.
On this episode of Retirement Report, host Hank Parrott sat down with tax expert Dr. Friday Burke to discuss the importance of understanding tax laws and tax strategies that can help retirees keep more of their hard-earned money.
Many people focus on growing their retirement accounts but spend less time considering the tax implications of withdrawing those funds. Hank emphasized that different sources of retirement income can be taxed in different ways, making it important for retirees and those approaching retirement to have a plan in place.
The discussion covered how retirement income from sources such as traditional retirement accounts, pensions, Social Security benefits, and investment income may be treated under current tax laws. Hank and Dr. Friday encouraged viewers to become familiar with the tax code and work with trusted financial and tax professionals to help minimize surprises and make informed decisions.
A key takeaway from the program was that tax planning should be an ongoing part of the retirement process rather than something addressed only during tax season. Understanding available deductions, credits, and tax-efficient withdrawal strategies can potentially help retirees preserve more of their savings and maximize the income they have worked for throughout their careers.
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For more information, visit hankparrott.com.
This program is paid for by Estate & Financial Strategies, Inc.
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