What is the Financial Impact of Taxes on Retirement Income?

June 24 17:42 2021

Pittsburgh, Pennsylvania – Financial decisions can impact a person’s income and taxes at specific retirement milestones. Increasing taxes are a concern for anyone — particularly for people approaching retirement.

Financial and retirement planning specialists at Maher Wealth Management LLC know that having a solid and sound financial strategy in place for how a person will pay taxes on their retirement income can be a crucial component to living well on a fixed income as well as avoiding financial surprises come tax time.

There is no doubt that strategic planning can increase retirement income, and having a retirement planner helps retirees make prudent decisions. For example, retirees are now eligible for various tax breaks that are not available to younger individuals, and a professional retirement planning firm can help retirees make the most of these tax breaks.

With proper tax planning, Maher Wealth Management LLC can reduce a person’s tax bill in a number of practical and smart ways. For instance, pension income from employer retirement plans is usually taxable. However, if a person contributed after-tax dollars to their pension, they will not have to pay any tax on the part of their payment that represents a financial return on the post-tax amount they paid into the plan.

“Most soon-to-be, as well as recent retirees, do not carefully think about taxes when they head into retirement. Note that this can be a major problem. However, if this is you, do not worry, as we can help. Keeping taxes at the front and center of your retirement planning is important as it will help you not just avoid the various mistakes that retirees make, but it will also allow you to make the most of the opportunities,” said Joshua Maher, Owner, and Founder of Maher Wealth Management LLC.

Social Security is an example of income that a person cannot outlive. Unlike many other income streams, note that it has the backing or support of the US federal government. An advisor from Maher Wealth can help retirees evaluate the various Social Security benefit options that support their financial goals and objectives. For instance, they might consider the effect of taxes on capital gains, Social Security income, and IRA withdrawals, specific health issues, and life expectancy in a person’s family history.

Joshua Maher

Joshua Maher started his professional career in 2005 as a financial advisor with one of the biggest and most influential corporate financial planning firms. Starting in 2009, Joshua was able to team together in order to form the Three Rivers Wealth Management Group. And by working closely with Three Rivers, he expanded his financial services to his clients and offered a wide array of new products.

His uncanny ability to teach and communicate positive financial philosophies has positioned him firmly as an authoritative and credible voice in helping individuals, business owners, and entrepreneurs discover and maximize their wealth potential. 

Joshua’s extensive knowledge and experience of the financial planning process have also allowed him to develop a notable network of loyal clients.

About Maher Wealth Management LLC

Maher Wealth Management is a Pittsburgh-based retirement and business planning firm committed to helping retirees work towards achieving the retirement they want. The firm does this by providing guidance to help its clients develop a customized and sound financial strategy for retirement. Over the years, the firm has found that a team approach is usually an effective and reliable method to help its clients with a wide variety of financial needs as they maneuver through a complicated financial services world.

The firm focuses on a comprehensive approach to retirement planning. They don’t just focus on the investments, but they also focus on the impact of taxes, Social Security, income planning, estate planning, and pension options.

Securities offered through Mid Atlantic Capital Corporation (“MACC”) a registered broker dealer, member FINRA/SIPC. Advisory services offered through Mid Atlantic Financial Management, Inc. (MAFM), a SEC registered investment adviser. Maher Wealth Management is not a subsidiary or control affiliate of MACC or MAFM. 

Media Contact
Company Name: Maher Wealth Managemnt LLC
Contact Person: Joshua Maher
Email: Send Email
City: Pittsburgh
State: PA
Country: United States
Website: www.maherwealth.com