Managing income after retirement is one of the most important things a retiree needs to plan to make the best of their savings, and with the rising interest rates and stock market volatility, there are many factors that need to be considered. This week on Grow Money Business, Grant dives into several key aspects of retirement income planning, including how to minimize tax impact, prioritizing different sources of income, planning for social security benefits, making strategic tax decisions, and more.
[02:36] Recent Developments – Grant shares his thoughts on some of the recent changes in the economy and policies that affect the way people should approach retirement income planning.
[05:24] 401k Plans – How to maximize tax benefits while utilizing a 401k.
[11:33] Expenses After Retirement – Grant explains how to best manage your after-retirement expenses
[16:11] IRAs & Tax – Grant explains the tax differences between traditional and Roth IRAs and what retirees should keep in mind when taking money from these accounts.
[21:00] Strategic Tax Decisions – Grant shares a strategic move that allows retirees to minimize the tax impact on their retirement accounts while taking advantage of the gap years between the age of 65 and 72.
[29:17] Deferring Tax – How to decide whether it is beneficial to defer tax based on life expectancy
[32:46] Medicare Premiums – How to plan for minimizing Medicare premiums after retirement.
[39:06] Social Security – Grant shares his take on maximizing the social security benefits after retirement.
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