5 Tax Traps That Can Destroy Your Pension in Retirement

Description:
If you have a pension, taxes may be the biggest expense of your retirement, and most people don’t see it coming. In this episode, Joe breaks down the five biggest tax considerations pension retirees must plan for, including required minimum distributions, Social Security taxation, state taxes, widow’s penalty, and when Roth conversions actually make sense. These strategies are especially critical for retirees with a pension and $1M+ saved, where higher income often means higher lifetime taxes if planning is done incorrectly.

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Timestamps:
00:00 – Why Pension Retirees Pay More in Taxes
02:00 – #1 State Taxes (Why Location Matters More Than You Think)
03:18 – #2 Required Minimum Distributions (The Silent Tax Bomb)
06:33 – #3 Why Your Social Security Could Be 85% Taxable
08:30 – #4 Widow’s Penalty (Higher Taxes After a Spouse Passes)
09:57 – #5 Roth Conversions (When They Make Sense — And When They Don’t)
12:06 – How All 5 Tax Strategies Work Together
13:10 – Free Book: I Hate Taxes + Final Takeaways


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your specific situation, none of this information can serve as tax, legal, insurance, or financial advice, and may be outdated or inaccurate.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.