Kickstart your financial independence with these 9 (often missed) basic steps!

7 Taxes in Retirement to Consider

7 significant taxes you’ll deal with in retirement

Find out 7 taxes in retirement to consider on this episode. Then download your FREE Queer Money Kickstarter, a 9-step Guide to Kickstart Your Journey to Financial Independence.

How to mitigate your tax burden in retirement 

The taxes you pay in retirement significantly impact how much income you have to support yourself.  And how much you pay varies a great deal based on where you live and how much money you have coming in. So, how can you minimize the taxes you pay in retirement? And maximize the funds you have to enjoy your golden years?

On this episode of Queer Money®, we’re continuing our Retirement 101 series with a discussion of the 7 significant taxes to consider in retirement. We explain the nuances of federal and state income taxes for retirees, describing when social security benefits are taxed and how states tax retirement income differently. We also discuss why property and sales taxes vary by location, giving examples of states that offer exemptions for seniors.

Listen in for insight on the Medicare surtaxes that might impact you and learn how to mitigate your tax burden (and maximize your income!) in retirement.

Listen to get insight on taxes in retirement

Topics covered on taxes in retirement

  • The 7 significant taxes you’ll deal with in retirement
  • Why withdrawals from traditional retirement accounts are subject to federal income tax
  • How to minimize your federal taxes in retirement through strategic withdrawals
  • When social security benefits are subject to federal income tax (and how to calculate what you’ll pay)
  • How state income tax policies vary and how states tax retirement income differently
  • The states that offer tax credits or deductions for retirees, e.g.: senior citizen tax credits or property tax relief programs
  • How capital gains taxes are due when you sell an investment for a profit
  • How to leverage tax-loss harvesting to minimize your overall capital gains tax liability
  • Why property tax rates vary significantly by location and how the assessed value of your property influences how much you pay
  • The states that offer homestead and senior citizen exemptions on property taxes
  • State variations in sales tax rates and which states offer necessities exemptions on groceries, prescription medications, medical supplies, etc.
  • 2 Medicare surtaxes that affect high-income individuals



Resources on taxes in retirement

  • New York’s Senior Citizen Homeowners’ Exemption on
  • California’s Property Tax Postponement Program on
  • Tax Cuts and Jobs Act of 2017on
  • Additional Medicare Tax on
  • Net Investment Income Tax on
  • Wealth Builder’s Pyramid
  • CreditWise

Connect with David and John

Watch this week’s episode on taxes in retirement

Previous 3 Podcast Episodes

We’re David and John Auten-Schneider, the Debt Free Guys (, and the Queer Money® podcast hosts. We help queer people (and allies) live fabulously, not fabulously broke, by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.

Leave a Comment