The 3 Big Tax Mistakes People Make When They Retire Early

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Oftentimes, many people who retire early don’t take advantage of these strategies and instead make big mistakes with their taxes. Today, we go through three common tax planning mistakes people make and how to avoid them.
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[@leathers2]

I am glad you mentioned the implications of increasing your taxable income with regards to your health care subsidy most planners only mention the tax implications involved. My subsidy is almost 2K per month and it goes down fast if my taxable income goes up. There are a lot of moving parts to consider. Thanks for the video Matt.

[@MCalcagno]

Thanks for sharing and watching!

[@keithmachado-pp6fv]

Pushing Roth based on tax savings is deceiving. You can pay more on taxes and still come out ahead. Items ignored
1. Taxes paid when converting are all paid up front at your highest tax bracket with today’s dollars. Taxes paid when deferred are paid slowly over many years at a blended tax rate lower than your tax bracket with future inflation adjusted dollars.
2. State taxes. Will you potentially move to Florida or another tax free state in retirement?
3. Both standard deduction and tax brackets are adjusted for inflation which means your income in the future would need to be much higher to be in the same tax bracket.

[@MCalcagno]

It’s all about weighing your options and making the best decision for your own situation.