Tax Surprises in Retirement: Avoiding the Double Whammy | Boomers, Bucks & Bling Ep. 19
In this episode of Boomers, Bucks & Bling, Carl welcomes back financial advisor Jon to tackle one of the biggest challenges Baby Boomers face in retirement—unexpected taxes. From 401(k) withdrawals to Social Security taxation, John breaks down the “double whammy” many retirees don’t see coming—and how to plan ahead to keep more of your money.
What you’ll learn in this episode:
-Why withdrawing from your 401(k) or IRA can trigger higher taxes than expected
-The “double whammy” of paying taxes on distributions and then paying taxes again to cover them
-How longevity risk and inflation can eat away at retirement savings
-Hidden costs of healthcare in retirement—Medicare surcharges, Social Security taxation, and rising premiums
-Smart strategies for retirement income distribution: pensions, Social Security timing, savings vs. retirement accounts
-The power of bracket filling and step-up in tax basis to protect your wealth
-Why reverse mortgages can provide tax-deferred retirement income
👉 If you’re planning for retirement or already retired, this episode is packed with insights on how to avoid costly mistakes and make your money last.
🎧 Listen to More Episodes:
Spotify: https://ow.ly/ttaN50TZH81
Apple Podcasts: https://ow.ly/cFb350TZH84
YouTube Playlist: https://ow.ly/cwaf50TZH8u
Guest Info:
Jon Beyrer CFP(r) – Senior Financial Advisor and Partner at Blankinship & Foster, LLC
Phone: (858) 755-5166
Website: https://www.bfadvisors.com/team/jon-beyrer/
LinkedIn: https://www.linkedin.com/in/jon-beyrer/
Subscribe for more episodes about:
✔️ Medicare, Medicaid, & Social Security
✔️ Reverse Mortgages & Financial Safety
✔️ Retirement Planning & Aging in Place
✔️ Lifestyle tips for Boomers & Gen X
Got questions or topics you want covered? Drop them in the comments or visit https://carlspiteri.com
Let’s Connect!
Call: (858) 526-3037
Email: carl.spiteri@benchmark.us
Carl Spiteri
Branch Manager | Mortgage Advisor
NMLS ID: 286890
Licensed in: CA, AZ, FL, ID, MI, MT, NV, OG, OH, SC, SD, TN, WA, WY
Benchmark Mortgage
Ark-La-Tex Financial Services, LLC | NMLS ID: 2143