The 3 Big Tax Mistakes EVERY Retiree Makes (Real World Examples)

You’ve worked tirelessly your whole life, diligently saving for retirement. Every time you hear someone discuss tax strategies, you get excited, only to realize they mainly apply to business owners and real estate investors. But here’s the thing: even in retirement, there are plenty of tax planning opportunities that can save you a significant amount of money. Oftentimes, retirees don’t take advantage of these strategies and instead make big mistakes with their taxes. Today, James explores three common tax planning mistakes retirees make and shows you how to avoid them. ➡️ Tax Gain Harvesting Tax gain harvesting is a powerful strategy that many retirees overlook. It involves taking advantage of the varying tax brackets for capital gains. The bottom tax bracket for long-term capital gains is 0%, meaning if your income falls below a certain threshold, you pay no taxes on these gains. The key is understanding the tax thresholds and using them to your advantage. By doing so, you ca