Defer Taxes Into Retirement? BIG Mistake for Pension Holders

In this episode of Joe Knows Retirement, Joe breaks down one of the most dangerous myths in retirement planning: the idea that you should defer taxes into retirement because you’ll be in a lower tax bracket later. That might sound smart… but for those with a pension and $1 million+ saved, deferring taxes could actually mean paying more taxes in retirement than you do today.

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Timestamps:
0:00 – The Retirement Tax Myth Everyone Believes
01:55 – Why “You’ll Be in a Lower Tax Bracket” Isn’t Always True
03:47 – How Pensions Change the Tax Game
04:51 – Investments
05:48 – The Retirement Tax Time Bomb Explained
06:08 – How Social Security Becomes Taxable
08:20 – Real Example: $50K Pension + $1M Investments = Higher Taxes
09:12 – Tax Planning for Midwestern Millionaires
11:25 – The Widow’s Penalty: What No One Prepares For
13:09 – Medicare Premiums
13:39 – Leaving a Legacy
14:51 – Roth Conversions
16:54 – Tax-efficient income planning
17:04 – Will You be in a Lower Tax Bracket?

Disclaimer: Since we do not know your specific situation, none of this information can serve as tax, legal, insurance, or financial advice, and may be outdated or inaccurate. The information comes from sources believed to be reliable but cannot be guaranteed. This content is prepared for educational purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Peak Retirement Planning, Inc. is a Securities and Exchange Commission registered investment adviser and able to offer advisory services in Ohio and in other states where registered or exempt from registration.