Oct 21, 2026 · 14 min · 8 segments
This episode focuses on the critical aspects of retirement planning, particularly the importance of understanding withdrawal order and its tax implications. Will Hoffman discusses how different types…
Will HoffmanHost
However, just because you've told your boss to take this job and shove it, and you've gotten your, your gold watch and you're retired, doesn't mean that this stops.
This is something that we will be discussing with our clients well into their retirement because it impacts taxes.
And when you've retired, that W2 salary is not forced on you, so you're in a bit more control.
And how we control that becomes so important in retirement to save on a phrase that doesn't get used enough on lifetime taxes.
We always worry about taxes, hopefully worry about them in the fall of the year that we're in, so that you can make any decisions before the end of the year.
'Cause once December 31st hits, once the New Year's Eve ball drops, there's nothing we can do for the previous year.
And then it's just a matter of filing the return and paying what you owe or getting back what you overpaid.
We wanna work on the lifetime tax scenario and what happens so that we can lower that lifetime tax bill, so that 20 years into retirement, you haven't spent $100,000 more in taxes than you should have.
I can think of a lot of things I would rather be doing with $100,000 than paying it in taxes.
This isn't an episode that, that's being exaggerated because that withdrawal order, it doesn't show up on your statement.
There's not a box at the end of the year that says, "Hey, you may have taken this from the wrong account." It shows up in a plan, and it shows up in a plan that's designed around optimization far enough in advance that you can start planning these things.
However, just because you've told your boss to take this job and shove it, and you've gotten your, your gold watch and you're retired, doesn't mean that this stops.
This is something that we will be discussing with our clients well into their retirement because it impacts taxes.
And when you've retired, that W2 salary is not forced on you, so you're in a bit more control.
And how we control that becomes so important in retirement to save on a phrase that doesn't get used enough on lifetime taxes.
We always worry about taxes, hopefully worry about them in the fall of the year that we're in, so that you can make any decisions before the end of the year.
'Cause once December 31st hits, once the New Year's Eve ball drops, there's nothing we can do for the previous year.
And then it's just a matter of filing the return and paying what you owe or getting back what you overpaid.
We wanna work on the lifetime tax scenario and what happens so that we can lower that lifetime tax bill, so that 20 years into retirement, you haven't spent $100,000 more in taxes than you should have.
I can think of a lot of things I would rather be doing with $100,000 than paying it in taxes.
This isn't an episode that, that's being exaggerated because that withdrawal order, it doesn't show up on your statement.
There's not a box at the end of the year that says, "Hey, you may have taken this from the wrong account." It shows up in a plan, and it shows up in a plan that's designed around optimization far enough in advance that you can start planning these things.
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