When it comes to paying taxes, many people think that owing as little as possible come April means they’ve beaten Uncle Sam.

Well, it’s true they may have won the battle, but with that kind of shortsighted thinking, they may not win the war, so to speak.

The goal in tax planning is not only to pay fewer taxes in any given year, but to pay as little as possible throughout your lifetime. And sometimes that means paying more now to save later.

Welcome back to The Retirement Fix, a monthly podcast for less stress and more success in your go-go retirement years.

I’m your host, John Gigliello, a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and I’m here to be your guide to keeping more of your hard-earned money by making smart financial decisions in retirement. This podcast is for people nearing or in retirement who want to learn more about proactive tax planning, retirement income planning, social security timing, investment management and asset preservation. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with people who are looking to make smart and responsible choices with their money.

Today I’m going to talk about year-end tax planning strategies and why sometimes paying more, not less, can be the key to long-term success.

I like to say that most people are “allergic” to pre-paying taxes, but it really does make sense for some people, in specific circumstances to consider accelerating income, and therefore pay taxes earlier than they might otherwise be due.

This is the time of year when I meet with many of my higher net worth clients for proactive tax planning. We examine their recent, current and projected future income and its tax implications. We then determine what strategies might save them tax dollars now and in the future.

Proactive tax planning is different from tax preparation and involves analysis that takes into consideration all aspects of a client’s financial picture, with the results being unique to each client and their specific situation.

Year-end tax planning accomplishes a couple of very important things.

First of all, it helps clients avoid any tax surprises in April. By understanding their current tax situation, in relation to the current tax laws, they can plan ahead for any liabilities by adjusting withholdings or making quarterly estimated payments.

But a bigger part of tax planning strategy has to do with timing income such as IRA withdrawals and Social Security benefits to take advantage of low tax rates whenever possible and that’s what I want to focus on today.

If you stick around to the end, I’ll also offer a few tax planning tips that most people should consider before year-end.

One of the services I offer high net worth retirees is proactive tax planning. We review anticipated income, from all sources, each year and employ strategies to help clients make the most of their hard-earned money. If this sounds like something from which you could benefit, reach out to us. You can find more about the services we offer at www.jgigliello.com.

Last year Americans lost more than $16 Billion dollars to scams. That’s Billion with a B. While many of us believe we are savvy enough to spot a scam, the scammers are often one – or sometimes 2 or 3 – steps ahead.

Anyone can become the victim of fraud, but seniors are much more vulnerable and often, have the most to lose.

Since October is Cybersecurity Awareness month, I am going to share 10 tips to recognize and ward off scams in this episode of The Retirement Fix, a monthly podcast for less stress and more success in your go-go retirement years.

I’m your host, John Gigliello, a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and I’m here to be your guide to keeping more of your hard-earned money by making smart financial decisions in retirement. This podcast is for people nearing or in retirement who want to learn more about proactive tax planning, retirement income planning, social security timing, investment management and asset protection. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with people who are looking to make smart and responsible choices with their money.

To find out more about the services I offer, visit https://www.jgigliello.com.

When I say anyone can become the victim of cybercrime, I’m serious. Listen to these staggering 2024 statistics from the FBI:

· The FBI’s Internet Crime Complaint Center (IC3) received more than 800,000 complaints about cybercrime, of which 250,000 cases resulted in actual losses.

· The average loss was just over $19K per victim, with total losses topping $16 Billion.

· Losses due to cybercrime rose 33% in 2024 over 2023.

· Since it’s inception in 2000, IC3 has received more than 9 million complaints.

Do you need an Asset Protection Trust? If you're not sure, this episode is for you.

These are questions I get all the time from clients:

• Will I lose my home and everything I've worked for if my spouse or I need fulltime nursing home care?
• Do I need an asset protection trust?

The answer is not as simple as yes or no. This episode features a special guest - Estate Planning Attorney Patricia Shevy, of the Shevy Law Firm in Albany, NY to help listeners understand the ins and outs of Asset Protection Trusts in New York, often referred to as Medicaid Trusts.

If you have additional questions on this, or any other financial planning topic, please visit my website, and don't hesitate to reach out: www.jgigliello.com.