How to Create Tax Efficient Income in Retirement was the subject of a panel discussion at TheStreet's Retirement, Taxes & Income Strategies Symposium, held recently in New York. One solid piece of obvious but little-followed advice: Doing a lot of the planning before retiring is wise.
Waiting carries powerful risks, according to Robert Powell, the panel's moderator and editor of TheStreet's Retirement Daily. This is especially true when it comes to tax planning. Powell says, "We often think of maximizing social security benefits, claiming strategy in terms of longevity insurance, but there are some tax implications to that as well."
To dig a little deeper into these tax implications, Powell sat down with one of the panelists, Lisa Skelly, Development Manager, TurboTax.
Watch the video above for tax strategies in retirement.
How to Create Tax Efficient Income in Retirement
Panel Description: Given your assets, how do you create ongoing income in retirement? The traditional plan to take 4% from your IRA every year will probably not cut it. Will you work part time or invest in annuities? When is the right time to claim social security? Expert panelists will take a sophisticated look at the "great debate" on what strategy should be used to maximize retirement income to achieve your lifestyle goals.
Moderator: Dirk Cotton, The Retirement Café
Panelist: Devin Ekberg, Chief Learning Officer, Managing Director of Content Development, Investments & Wealth Institute
Panelist: Jeffrey Levine, CEO, Director of Financial Planning, Senior Wealth Manager, Blueprint Wealth Alliance
Panelist: Lisa Skelly, Development Manager,Turbo Tax
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