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Could a Tax Strategy Advisor Specializing in Retirement Help You Unlock the Retirement of Your Dreams?

By Jake Withnell, CFP®

Life is not static. As you move through different phases and ages, your financial plan will pivot and adapt along the way. One area in particular that will undergo change is your tax strategy. Retirement gives you plenty of opportunities to be more strategic about tax planning (which also means you could end up paying more taxes than you need to if you’re not strategic).

Withdrawing even small amounts of money from a particular asset at the wrong time can result in a major tax bill. So here’s the good news: You can start planning now to take advantage of tax strategies that will lessen the impact of taxes on your vision for retirement. A tax strategy advisor who specializes in retirement planning can help you achieve this.

What Does a Tax Strategy Advisor Specializing in Retirement Do?

When you retire, your income sources are likely produced from a variety of assets, including employer-sponsored retirement plans, Social Security, or other income-generating investments. Each asset has different tax characteristics, and properly structured investments can help lower your tax burden if you plan strategically how and when you’ll withdraw income from each.

Most people will receive some amount of Social Security benefits during retirement, but 85% of your Social Security income can be taxed at your regular rate if your income exceeds a certain amount. (1) A tax strategy advisor can help you determine how Social Security will fit into your overall plan and structure your other investments to alleviate the tax burden on Social Security income.

Additionally, a retirement tax strategy advisor can help you manage the tax implications of all your other income sources. Because each income source carries different complex tax implications, an expert can help you make decisions about how and when to draw from each investment type. 

Who Can Benefit From a Tax Strategy Advisor Who Specializes in Retirement?

If you plan to retire and you’ll have to pay taxes in retirement, then we recommend you have a retirement tax strategy advisor on your team. However, we acknowledge that you likely have other constraints and considerations. You should consider partnering with a retirement tax strategy advisor if:

  • You have multiple retirement investments that generate taxable, tax-deferred, and tax-free assets.
  • You need to strategically bunch tax deductions owing to changes in standard deductions under the Tax Cuts and Jobs Act.
  • You’re interested in minimizing your lifetime tax liability.
  • You have a substantial portion of your retirement savings in tax-deferred accounts.
  • You want to minimize your Medicare premiums caused by income-related monthly adjustment amounts for high-income earners. 

Retirement tax planning should start well before you actually retire so you’re taking advantage of tax-deferral opportunities and tax-efficient investing. Instead of continuing to worry if you’ve simply saved enough money to maintain your lifestyle, a tax strategy advisor who specializes in retirement can help you unlock the retirement of your dreams by finding opportunities to reduce your tax burden.

Do You Have Questions? We Can Help

At JGP Wealth Management, our goal is to help you simplify the approach you need to realize your retirement goals, which always includes strategic tax planning. If you have any questions, reach out to me at 503-446-6450, email jwithnell@jgpwealth.com, or schedule an introductory phone call online.

About Jake

Jake Withnell is a financial advisor at JGP Wealth Management, an independent, fee-based financial advisory firm in Portland, Oregon. Jake is known for going the extra mile for his clients and for his passion for working tirelessly to help his clients find solutions to their financial concerns so they can confidently live out the life they want. He prioritizes listening and understanding as the foundation of his relationships with his clients, and his highest hope is that they can spend more of their time and energy on their passions knowing he is watching over their financial future. Jake specializes in serving business owners, Nike executives, and retirees, and plays a key role in JGP’s portfolio management process, building and analyzing financial models, and conducting client cash flow analyses. 

Jake graduated from Eastern Washington University with a bachelor’s degree in professional accounting and finance. He is a Certified Public Accountant (CPA) and a CERTIFIED FINANCIAL PLANNER™ professional. Jake’s claim to fame is his time playing tight end for the Eastern Washington University Eagles, all while earning four-time Big Sky Conference First Team All-Academic honors! Jake values giving back to his community and does this by volunteering with the Children’s Cancer Association, Family Building Blocks, and New Avenues for Youth. In his free time, Jake takes advantage of the many outdoor activities the Northwest has to offer, such as trail running, mountain biking, and hiking. He loves traveling and spending long weekends at his family beach house in Seaside, OR. To learn more about Jake, connect with him on LinkedIn. You can also watch his latest webinar, 6 Ways to Maximize Your Nike Employee Benefits. 


(1) https://www.ssa.gov/benefits/retirement/planner/taxes.html#:~:text=Income%20Taxes%20And%20Your%20Social%20Security%20Benefit,-Some%20of%20you&text=between%20%2425%2C000%20and%20%2434%2C000%2C%20you,your%20benefits%20may%20be%20taxable