It’s All About Income in Retirement: Eliminating Lack of Income Diversity Risk

There is a lot to consider when planning for retirement. But an overseen and costly risk is the lack of income diversity. Far too often retirees have their taxable or tax-deferred buckets too full and not enough in tax-free. 

On this episode of RRS, Dave discusses the top 5 tax-free sources of income for retirement. He covers how retirees will need 65-80% of their pre-retirement income to maintain their lifestyle and how they will lose deductions for children, education, and tax-deferred accounts. Listeners will learn about how to structure income tax-free by following certain laws and rules and the unexpected tax consequences of some income streams. Furthermore, he discusses the importance of guaranteed income in retirement and how to avoid paying taxes on Social Security benefits. And additionally, Dave dives into the benefits of Roth accounts, including contributions and conversions and explores tax-deferred investments, permanent life insurance, charitable contributions, and annuities as tools to consider for retirement planning. Finally, he examines how taxes are set to increase in the future and why it’s beneficial to take advantage of Roth accounts now before tax increases occur.

Key Topics Covered: 

  • Top five strategies to diversify retirement income
  • Methods to reduce taxability in retirement
  • Benefits of Roth accounts, fixed-indexed annuities, and permanent life insurance policies

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