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Ask people what their biggest expense in retirement will be, and you’ll often hear healthcare, housing, or travel. But for many retirees, the real answer is taxes, quietly built into the retirement accounts they spent a lifetime filling up.  On this episode of Wealth Creator Radio, I share why taxes may be your largest retirement expense, the hidden tax landmines that catch retirees off guard, and how a multi-year tax plan can help you keep more of what you’ve saved. Plus, we break down some of the IRS “Dirty Dozen” tax scams to watch out for.  Watch Out for the IRS Dirty Dozen  Each year, the IRS flags its “Dirty Dozen” list of tax scams. A few of the most common include:  Phishing emails: Messages that look official, sometimes even appearing to come from services like DocuSign, designed to get you to click a link or enter personal information.  Bad social media tax advice: “Too good to be true” tax strategies that can land you in serious trouble with the IRS.  Fake IRS helpers: Scammers posing as third parties offering to help set up your IRS account. Remember, the IRS generally contacts you by mail, not by phone.  Fake charities: Before donating, research the organization, check reviews, and confirm it’s legitimate.  One simple tip: if you’re reading a suspicious email on your phone, hit “forward.” That often reveals the sender’s full email address, which can quickly show you it’s not from who it claims to be.  Tax Preparation vs. Tax Planning  Many people believe they have a tax strategy because they work with a CPA or tax preparer each spring. But tax preparation is really tax reporting. It’s like a reporter at the scene of the crime: this is what happened, and there’s very little you can do about it now.  Tax planning is like installing the locks and alarm system before anything happens. It means making proactive decisions throughout the year, such as which accounts to withdraw from, whether Roth conversions make sense, and whether tax-loss harvesting could help. The goal isn’t just to pay less this year, but to pay less over your lifetime.  Your 401(k) Has a Mortgage  If you have a $1 million home with a $300,000 mortgage, you’d say you have $700,000 of equity. But if you have $1 million in a 401(k), most people say they have $1 million.  The truth is, your tax-deferred accounts carry a built-in debt to the IRS and the state. If all your money is in tax-deferred accounts, your only tax plan is to pay whatever the tax bill turns out to be.  Retirement Taxes Are a 30-Year Game  Retirement can last 30 years or more, and tax rules will almost certainly change along the way. It’s like playing a board game where someone swaps out the board halfway through.  Required minimum distributions (RMDs) are a good example. The starting age has moved from 70½ to 72 to 73, and it’s 75 for those born in 1960 or later. Many retirees are surprised to find themselves in a higher tax bracket in their mid-70s than they were during their working years.  The Hidden Tax Landmines in Retirement  Several tax traps can quietly raise your costs in retirement:  RMDs: Required withdrawals start around 4% and grow larger as you age.  Social Security taxation: Taking more from your IRA can cause more of your Social Security benefits to be taxed.  IRMAA: Higher income can increase your Medicare Part B and Part D premiums.  The senior deduction: Higher income can phase out the temporary $6,000 senior deduction, which is currently scheduled through 2028.  The widow’s penalty: When a spouse passes away, the survivor often moves to single filing status, where tax brackets are much narrower. Many survivors end up paying more tax on less income.  Diversify Your Taxes, Not Just Your Investments  Most people think about diversification in terms of stocks and bonds. But tax diversification may be just as important. Think of your savings in three buckets:  Tax-free: Roth accounts, specially designed life insurance, and municipal bond income.  Taxable: Brokerage and savings accounts, which are taxed each year but have cost basis.  Tax-deferred: 401(k)s and IRAs, which are taxed when you withdraw.  Having money in each bucket gives you flexibility to manage your tax bracket year by year. If tax rates rise, a heavily tax-deferred portfolio can lose far more to taxes than a slightly higher investment return can make up.  Tax Planning Is a Gift to Your Family  Under the SECURE Act, most non-spouse beneficiaries now have 10 years to withdraw inherited retirement accounts and pay the tax. Since many people inherit money in their 50s or 60s, those withdrawals often stack on top of their own peak earnings, potentially pushing them into a much higher bracket.  Planning ahead, including strategies like Roth conversions, can help reduce the tax burden you pass on to the people you love.  Bringing It All Together With a Written Plan  With so many brackets, thresholds, and phase-outs moving at once, it’s nearly impossible to make good tax decisions off the cuff. A written, multi-year tax and income plan looks at your actual tax return, projects your taxes year by year and over your lifetime, and helps identify the best windows for strategies like Roth conversions.  That’s a key part of our Blueprint to Worry Less Wealth®, which brings together your income, investments, taxes, health care, and legacy planning into one cohesive strategy.  Plan Today to Worry Less  Taxes are unavoidable in retirement, but overpaying doesn’t have to be. We can help you prepare today so you can have worry-less wealth. You can do this by learning more about our Blueprint to Worry Less Wealth. You can also Get your Wealth Creator Toolbox for free.

You'd think people without children — who don't pay for childcare, tuition, or all the costs that come with raising a family — would feel the most confident about retirement. But according to a new study… the exact opposite is true. The reason why is something every one of us can actually do something about. Blueprint to Worry Less Wealth The Wealth Creator Toolbox

Your parents or grandparents retired with a pension—a guaranteed check every single month for the rest of their lives. The company handled the investing, managed the risk, and your folks just cashed the check. That world is gone for most Americans. So here’s the question: if the pension disappeared, what exactly replaced it, and is it enough? Blueprint to Worry Less Wealth The Wealth Creator Toolbox

If you've been following retirement news recently, you may have seen some pretty scary headlines about Medicare Part D. Words like "cuts," "slashed," and "seniors at risk." Before you change your whole financial strategy over this, let's put it in perspective. Blueprint to Worry Less Wealth The Wealth Creator Toolbox

Retirement isn’t just about stepping away from work; it’s about keeping the life you love and planning for a confident future. On this episode of Wealth Creator Radio, Certified Financial Planner Eric Heckman shares five savvy strategies to help your retirement savings work harder. Blueprint to Worry Less Wealth The Wealth Creator Toolbox

Fidelity Research says a 65-year-old will need about $170,000 for out-of-pocket healthcare spending over the course of their retirement. If that number scares you, Eric Heckman is here to give you a plan. On this episode of Wealth Creator Radio, Certified Financial Planner Eric Heckman explains why healthcare is one of the biggest (and sneakiest) costs in retirement, how you can be sure you're prepared for it, and a breakdown of how Medicare really works. Plus, tune in to learn how current global conflicts might affect your retirement, and some encouraging retirement success stories.Blueprint to Worry Less Wealth The Wealth Creator Toolbox

When most people picture retirement, they imagine reaching the finish line after decades of hard work. But for many women, retirement is actually the beginning of a journey that could last 30 or even 40 years – and that's why retirement planning for women deserves a different conversation. On this episode of Wealth Creator Radio, Eric Heckman – financial planner of over 30 years – shares what women need to know when creating a retirement plan.  Blueprint to Worry Less Wealth Get your Wealth Creator Toolbox Show notes for this week's episode

There's a new Chairman at the Federal Reserve, and he's already shaking things up. At his very first meeting, Chairman Kevin Warsh made the promise to bring inflation back down to 2% and stated "inflation is a choice." What could this bold talk mean for you and your money? On this episode of Wealth Creator Radio, veteran financial planner Eric Heckman is answering all your biggest questions. Tune in for a full breakdown, plus everything you need to know about reducing your lifetime taxes in retirement. Blueprint to Worry Less Wealth Get your Wealth Creator Toolbox Show notes for this week's episode

For years, you've worked hard, saved consistently, and watched your retirement accounts grow. But once retirement gets closer, your financial strategy might need to shift. In this episode of Wealth Creator Radio, veteran financial planner Eric Heckman explains why asset allocation becomes increasingly important as retirement approaches, why the 100 Minus Your Age Rule isn't always the best strategy, and why a personalized retirement income plan matters far more than following generic investing rules. Plus, tune in to learn about the IRS Dirty Dozen to avoid tax scams.  Blueprint to Worry Less Wealth Get your Wealth Creator Toolbox Show notes for this week's episode

The latest consumer report shows an inflation rate of over 4.2% in the past year – the highest annual rate we've seen in three years. So what does this rising inflation trend mean for your retirement? On this episode of Wealth Creator Radio, veteran financial planner Eric Heckman shares why inflation is so dangerous for people with a lot of retirement savings, how it affects Medicare, and what you can do today to protect your nest egg. Plus, tune in to hear the signs you can retire early, why legacy planning matters more than you think, and the most common legacy planning mistakes. Blueprint to Worry Less Wealth Get your Wealth Creator Toolbox Show notes for this week's episode

Nobody likes paying taxes. So when someone hears that a Roth conversion requires paying taxes today, it's understandable that they hesitate. But what if paying taxes now could actually save you a significant amount over the course of your retirement? On this episode of Wealth Creator Radio, veteran financial planner Eric Heckman explains what Roth conversions are, the biggest mistakes retirees make with Roth conversions, and some guiding principles to know when one could make sense for you.  Blueprint to Worry Less Wealth  Get your Wealth Creator Toolbox Show notes for this week's episode

Most people have a retirement age in mind – maybe it's 65, 67, or "just a few more years." But what if retirement doesn't happen on your schedule? According to a recent report highlighted by USA Today, nearly 60% of retirees leave the workforce earlier than they originally planned. On this episode of Wealth Creator Radio, Eric Heckman discusses why early retirement is becoming more common and what retirees can do to prepare for it.  Blueprint to Worry Less Wealth Get your Wealth Creator Toolbox Show notes for this week's episode

Most of us spend decades saving money and building a nest egg for retirement. But once retirement actually arrives, the game changes. Suddenly, it's not about how much you've saved – it's about how effectively that money can support your retirement lifestyle. On this episode of Wealth Creator Radio, owner of Heckman Financial Eric Heckman shares how to turn your savings into a reliable income. Plus, tune in to hear how to minimize your taxes over the course of your retirement.  Blueprint to Worry Less Wealth Get your Wealth Creator Toolbox Show notes for this week's episode

Most people spend decades saving for retirement. But there's one surprise that catches many retirees completely off guard: Taxes. Many people assume they'll automatically be in a lower tax bracket once they stop working, but unfortunately, retirement can bring a whole new set of tax challenges that many people never see coming. In this episode of Wealth Creator Radio, veteran financial planner Eric Heckman shares why retirement taxes can become so complicated – and what you can do now to avoid costly surprises later. Blueprint to Worry Less Wealth Get your Wealth Creator Toolbox Show notes for this week's episode

According to a new USA Today report, 75% of people fear running out of money in retirement more than they fear death. So what's driving this fear, and how can you avoid it? In this episode of Wealth Creator Radio, Eric Heckman shares practical advice to help you keep more of your money with less worry. Plus, you'll hear the least risky place to put your retirement nest egg, how to leave money to your kids and grandkids without sacrificing your whole savings, and whether you should cancel life insurance in retirement.  Blueprint to Worry Less Wealth Get your Wealth Creator Toolbox Show notes for this week's episode