5 Retirement Tax Moves That Could Save You Thousands

If you’re approaching retirement, the way you withdraw money from your accounts could have a major impact on how much you pay in taxes over your lifetime. In this video, Brian Colvert, CFP®, breaks down 5 retirement tax planning moves that can help you make smarter decisions before and during retirement. You’ll learn how withdrawal sequencing, Roth conversions, capital gains harvesting, qualified charitable distributions, and Medicare IRMAA planning can work together to create a more tax-efficient retirement income strategy. Many retirees follow the traditional advice of withdrawing from taxable accounts first, tax-deferred accounts second, and Roth accounts last. That approach can work, but it may not always be the most tax-efficient strategy, especially for retirees with larger portfolios, multiple account types, and significant future required minimum distributions. Brian also explains the three major phases of retirement withdrawals and why the years before RMDs begin can create valuable tax planning opportunities. If you’re planning for retirement, these are important strategies to understand before your income plan is already in motion. 📚CHAPTERS 00:00 Retirement Tax Planning: Why Withdrawal Strategy Matters 00:26 Which Retirement Account Should You Withdraw From First? 01:48 The 3 Phases of Retirement Withdrawals 02:00 Tax Planning Before Medicare 02:55 Tax Planning Before Required Minimum Distributions 03:23 Medicare IRMAA and the Two-Year Lookback 04:03 Required Minimum Distributions and Retirement Taxes 04:58 5 Retirement Tax Planning Strategies 05:09 Strategy #1: Fill Lower Tax Brackets With IRA Withdrawals 05:56 Strategy #2: Capital Gains Harvesting in Retirement 06:39 Strategy #3: Proportional Retirement Withdrawals 07:20 Strategy #4: Qualified Charitable Distributions (QCDs) 07:58 Strategy #5: Medicare IRMAA Tax Planning 10:06 Build Your Retirement Withdrawal Plan Ready to take a closer look at your retirement strategy? The Bonfire Method brings your investments, taxes, retirement income, and long-term goals together into one coordinated financial plan. Schedule a conversation with our team to see how your retirement withdrawal strategy could fit into the bigger picture. 🔔 Subscribe for more retirement planning, tax strategy, and investing insights:    / @bonfirefinancial   🔥Connect With Me: https://www.bonfirefinancial.com Brian Colvert, CFP® | Bonfire Financial Disclosure: https://www.bonfirefinancial.com/disc... ___ This content is for educational purposes only and is not personalized investment, tax, or legal advice. We believe it's accurate but don't guarantee it, and it isn't a complete analysis of any topic. Viewing it creates no advisory relationship, so always consult a qualified professional about your own situation before acting. Advisory services are offered through Bonfire Financial, an SEC-registered investment adviser, only under a written agreement. Any strategies or examples are hypothetical and for illustration only. They don't reflect actual client results and don't guarantee future performance. All investing involves risk, including possible loss of principal. Comments are the views of individual users. They are unverified, possibly inaccurate, and not testimonials or endorsements. #retirementplanning #financialadvisor #fiduciary #RetirementTaxPlanning #RetirementPlanning #TaxPlanning #RetirementIncome #RothConversion #RequiredMinimumDistributions #RMDs #IRMAA #RetirementTaxes #FinancialPlanning