- Mercer Advisors, Formerly Epstein & White

Tax Strategies: How to Lower Your Tax Bill in Retirement

Given the constantly fluctuating economic climate, developing strategic planning methods to help ensure a comfortable retirement has become more critical than ever. One such strategy to complement this is tax planning. Effective tax planning before and during retirement can enhance the longevity of your retirement savings by lowering your tax bill. Here are six tax-reducing strategies to consider now. Retirement account draw-down management The first strategy is to manage your retirement accounts objectively. Traditional Individual Retirement [...]

Rebecca Mack2024-08-16T15:33:28+00:00August 16, 2024|Tax Strategies|

How Much Do Retirees Really Pay in Tax?

If you’re looking for information to inform your tax planning strategies for your retirement, please read further. Let’s start with the question everyone wants to know: Is it possible to receive income in retirement without taxes? While it may be technically possible, your optimal income sources probably have some type of taxation associated with them.[1] Most retirees have some kind of retirement account in place, and if you are taking money out of that account, it [...]

Rebecca Mack2024-05-29T13:49:41+00:00May 29, 2024|Tax Planning, Tax Strategies, Taxes|

These 3 Tax Strategies Could Help Your Retirement Strategy

Have you been considering the impact taxes will have on your retirement savings? Have you been strategic in managing the effect taxes may have on your financial future? If you answered no to either of these questions, you may want to take a look at the following tax planning ideas. Consider a Roth IRA You make contributions to a Roth IRA with after-tax dollars. So, when you withdraw from a Roth IRA, you don’t have to [...]

Rebecca Mack2024-01-11T20:30:06+00:00January 11, 2024|Tax Planning, Tax Strategies|

Take Advantage of These Tax Strategies Before the Year Ends

We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Because taxes are calculated from January 1st to December 31st of each year, and certain retirement rules and laws reset at the same time, you may have some significant last-minute moves you can make with your money before the tax [...]

Rebecca Mack2023-11-17T15:21:01+00:00November 17, 2023|Tax Planning, Tax Strategies|

Retirement Tax Strategies to Consider

How you handle taxes and when you are taxed are two of the most important factors when it comes to retirement planning. If you are putting together the puzzle pieces of your retirement plan and you are curious about some strategies related to taxes and retirement, here are some possible options: Consider a Roth IRA Roth IRAs allow you to contribute to a certain type of account that is not taxed upon withdrawal as long as [...]

Rebecca Mack2023-07-19T14:11:22+00:00July 19, 2023|Retirement Planning, Tax Planning, Tax Strategies|

3 Tax Optimization Strategies to Remember for Retirement

As you plan for retirement, it's important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023. Consider the Tax Structure of Your State and Locality Consider living in a tax-friendly state.[1] Many states offer tax breaks for retirement income or have no income tax, which can help you reduce your tax liabilities in retirement. Some [...]

Rebecca Mack2023-06-14T14:54:36+00:00June 14, 2023|Tax Planning, Tax Strategies|

Tax Tips for Married Couples

Even as tax season winds down, it’s still important that you consider tax strategy as part of your financial picture. Many couples file jointly, and while it can sometimes help save on your taxes, it isn’t always the best option in each case! Here are some important factors to consider if you are filing taxes as a married couple. Determine if you can file jointly. If you have been recently married and you’d like to file [...]

Rebecca Mack2023-04-27T16:47:25+00:00April 27, 2023|Tax Planning, Tax Strategies|

4 Tips for Proper Tax Filing

With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. That's why it never hurts to brush up on the basics involved with filing your taxes. Knowing the most common tax-filing mistakes is critical to [...]

Rebecca Mack2023-02-09T20:03:41+00:00February 3, 2023|Tax Planning, Tax Strategies, Taxes|

Can You Turn Investment Losses into Tax Gains?

When markets take a spill, especially when it comes to your retirement investments, it’s harder to find ways to meet your financial goals. If you were relying on IRA or 401(k) withdrawals to cover your expenses, doing so when markets are down would decrease the lifespan of your savings. And if you’re nearing retirement, market losses may provide cause to push back the time you enter retirement. While all these concerns are legitimate, there is a [...]

Rebecca Mack2022-12-07T16:28:18+00:00November 7, 2022|Investment Strategies, Stock Market, Tax Strategies|

Will You Have Tax-Advantaged Buckets in Retirement?

You’ll likely have several sources of income in retirement that can be taxed, such as IRA distributions and Social Security benefits. But, do you have any after-tax “buckets” that you can use strategically in retirement to help reduce your tax bill? There may be a few options available to you, so know how they work. How is a Roth IRA Different from a Traditional IRA? Many people contribute pre-tax dollars to a traditional IRA during their [...]

Rebecca Mack2022-07-08T18:32:56+00:00July 4, 2022|Financial Planning, Retirement Income, Tax Planning, Tax Strategies, Taxes|