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As clients start taking income from their various retirement vehicles, they also start incurring taxes, which could make a huge difference in their lifestyle. Here are some examples of taxes that will affect your clients, plus ways you can adjust.
The rules are convoluted and tricky. However, good postmortem planning means that your clients will receive all of the benefits due. It may benefit your clients to conduct a Social Security review—particularly for newly widowed clients or those already receiving survivor's benefits.
Pension plan limits and Social Security benefits are rising thanks to a 3.3% cost-of-living increase. On the other hand, Medicare payments increased 5.6%. Keep these charts handy for revising your 2007 retirement plans.
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Social Security and Medicare Workshop
With Elaine Floyd, CFP®
May 12–15, 2025
The Discovery Meeting Workshop: Transform Your Discovery Process
May 19–20, 2025