Diffusing the Tax Time Bomb

Taxes in retirement require a lot of strategy and planning to get it right. What can you be doing now to prepare for taxes later on?

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The View From The Pinnacle

Taxes in retirement require a lot of strategy and planning to get it right. What can you be doing now to prepare for taxes later on?

Click the timestamps below to fast forward to certain points of the episode.


Thing’s You’ll Learn Along Today’s Journey

Taxes is a huge component of what we should be doing from a planning standpoint. Recently, with all the government spending and inflation we’re seeing, how do we prepare?

If you are sitting on 401(k)s and IRAs, Uncle Sam might be waiting for his share. Should you reduce the amount of money you put into your 401(k)? You need to figure out what your tax ramifications will be in retirement. Perhaps you do the match, but then save the rest into different vehicles such as a Roth IRA or Roth 401(k). A Roth 401(k) allows you to contribute at the same limits as a 401(k) but it’s after-tax money. The harvest is then tax-free.

Life insurance is a useful tool that is often used to protect you and your family in case the worst were to happen. But what about cash value life insurance? There’s no limits on contributions or income. There are several strategies you might want to consider that could provide a tax-free benefit to your beneficiaries.

Finally, have you started to consider a Roth conversion? Sometimes it’s the right time and sometimes it’s not, so be sure to check with your advisor. Doing a conversion increases your income so you’ll have to pay the taxes now. When you start to look at Roth conversions, you want to really look at it and not just make a rash decision. How much can you convert to keep yourself in a lower tax bracket?

Listen to the entire episode or use the timestamps below to skip to a particular tax strategy.

1:02 – The economy is made up of several components.

4:32 – Fund your Roth 401(k).

6:02 – Is cash value life insurance worth considering?

9:09 – Have you considered a Roth conversion?


Looking Back From The Mountaintop

Having a distribution strategy in mind and using different types of investments with different types of tax attachments to them can really help your plan in the long-term.

-Sean Lee


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For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

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