“7 Tax Moves Retirees Will Regret Waiting To Make in 2026” featuring Stephanie Temporiti
GOBankingRates recently spoke with Stephanie Temporiti, Wealth Advisor at Hightower Signature Wealth, on the tax decisions retirees often regret delaying. Temporiti shared several insights to help retirees avoid costly surprises and make more informed tax decisions.
- Creating a tax-conscious withdrawal strategy: Delaying a coordinated plan for pulling from different accounts can lead to unnecessary taxes and missed opportunities. It’s vital to plan withdrawals early and understand how each income source is taxed.
- Acting early on Roth conversions: Roth conversions must be done during a narrow window early in retirement. Waiting too long can result in higher lifetime taxes for retirees and their heirs.
- Multiyear tax bracket planning: Short-term tax minimization can backfire, and it’s wise to look at income and tax brackets over several years rather than one year at a time.
- Understanding required minimum distributions: Without planning ahead, RMDs can push retirees into higher tax brackets and raise Medicare costs.
- Understanding the most efficient charitable giving strategies: Tools like qualified charitable distributions or donor-advised funds can be more effective than writing personal checks, which may miss valuable tax benefits.
- Considering Medicare premiums in tax decisions: Because premiums are based on prior-year income, poorly timed tax moves can increase healthcare premiums.
- Aligning tax moves with estate goals: Delaying tax decisions can limit how effectively retirees support heirs. Coordinating early can help reduce taxes and strengthen long term planning.
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This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions.
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