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If you're retiring in the next 5 years, tax season isn't just about filing—it's about strategy that could save you hundreds of thousands 💰 Here's what most people miss: First, compare your current tax bracket to what you expect in retirement. If you're in a higher bracket now but will drop after retiring, you've got a conversion sweet spot—especially in those early retirement years before Social Security starts. Second, think about delaying Social Security. Every year you wait past full retirement age, your benefit increases by 8%. But here's the advantage most overlook: between retirement and age 70, your taxable income drops significantly, creating years where you can move pre-tax retirement dollars into tax-free Roth accounts at lower rates. Third, work with a financial advisor or CPA to model different scenarios. Which accounts should you tap first—taxable, tax-deferred, or Roth—and in what sequence? This requires running your actual numbers to make decisions today that compound into major savings tomorrow. Follow @RetireSmartTony for more retirement planning insights. Slalom Wealth Management is a registered investment adviser. This platform is solely for informational purposes and is not offering advisory services or sales of securities. Investing involves risk and possible loss of principal capital. Comments by viewers and/or recognitions are no guarantee of future investment outcomes and do not ensure that a viewer will experience a higher level of performance or results. Public comments posted on this site are not selected, amended, deleted, or sorted in any way. If applicable, certain editing of personal identifiable information and misinformation may be deleted. Slalom Wealth Management is a registered investment adviser serving families that are preparing for retirement or have recently retired. #RetirementPlanning #TaxPlanning #PersonalFinance #FinancialFreedom #Retirement
If you're retiring in the next 5 years, tax season isn't just about filing—it's about strategy that could save you hundreds of thousands 💰 Here's what most people miss: First, compare your current tax bracket to what you expect in retirement. If you're in a higher bracket now but will drop after retiring, you've got a conversion sweet spot—especially in those early retirement years before Social Security starts. Second, think about delaying Social Security. Every year you wait past full retirement age, your benefit increases by 8%. But here's the advantage most overlook: between retirement and age 70, your taxable income drops significantly, creating years where you can move pre-tax retirement dollars into tax-free Roth accounts at lower rates. Third, work with a financial advisor or CPA to model different scenarios. Which accounts should you tap first—taxable, tax-deferred, or Roth—and in what sequence? This requires running your actual numbers to make decisions today that compound into major savings tomorrow. Follow @RetireSmartTony for more retirement planning insights. Slalom Wealth Management is a registered investment adviser. This platform is solely for informational purposes and is not offering advisory services or sales of securities. Investing involves risk and possible loss of principal capital. Comments by viewers and/or recognitions are no guarantee of future investment outcomes and do not ensure that a viewer will experience a higher level of performance or results. Public comments posted on this site are not selected, amended, deleted, or sorted in any way. If applicable, certain editing of personal identifiable information and misinformation may be deleted. Slalom Wealth Management is a registered investment adviser serving families that are preparing for retirement or have recently retired. #RetirementPlanning #TaxPlanning #PersonalFinance #FinancialFreedom #Retirement

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