Are Taxes the Hidden Shortfall in Your Retirement Plan? | Michael Makes Sense Ep. 05

You may know how much you’ve saved for retirement, but do you know how much of it you’ll actually get to keep?In Episode 05 of Michael Makes Sense, Michael takes a closer look at one of the most overlooked parts of retirement planning: taxes.From 401(k)s and Traditional IRAs to Roth accounts, pensions, Social Security, and other retirement income sources, different types of money can be taxed in very different ways. Without a thoughtful strategy, taxes could create a shortfall between the retirement income you expected and the income you actually have available to spend.Michael breaks down why tax planning should be part of the retirement conversation long before you stop working, including how the accounts you save into today can affect your options later.In this episode, Michael discusses:• Why your retirement account balance doesn’t necessarily equal spendable retirement income• How Traditional and Roth retirement accounts are taxed differently• Why withdrawal strategy can matter in retirement• How taxes can affect multiple sources of retirement income• Why tax diversification may give retirees greater flexibility• Important questions to consider before and during retirementRetirement planning isn’t simply about how much you accumulate. It’s also about understanding how your money may be taxed when you need it.Michael Makes Sense helps simplify the financial questions that can often feel complicated, so you can have more informed conversations about your financial future.Investment advisory services are offered through Commonwealth Guardians, a Registered Investment Adviser. This content is provided for informational and educational purposes only and should not be considered individualized investment, tax, or legal advice.Links & Resources🌐 Michael Makes SenseMichaelMakesSense.com📅 Schedule a Financial TeleHealth™ Check-UpFinancial TeleHealth™🏦 Commonwealth GuardiansCommonwealthGuardians.com🍎 Listen on Apple PodcastsMichael Makes Sense on Apple Podcasts📧 Submit a question for Michael:podcastQA@michaelmakessense.com Learn more about your ad choices. Visit megaphone.fm/adchoices