How to Reduce Taxes in Retirement in Oklahoma
Retirement taxes often surprise Oklahoma families. Between IRA withdrawals, Social Security, and Medicare surcharges, many pay thousands more than necessary. The good news? With proper planning, retirees can reduce taxes in retirement and keep more of their hard-earned savings.
Strategy 1: Roth Conversions
By converting a portion of your IRA to a Roth during low-income years, you pay taxes now at a lower rate and enjoy tax-free withdrawals later. This also reduces required minimum distributions (RMDs).
Strategy 2: Withdrawal Sequencing
Blend withdrawals across taxable, tax-deferred, and tax-free accounts. This keeps income within favorable brackets and reduces Medicare penalties.
Strategy 3: Charitable Giving
Oklahomans over 70½ can use Qualified Charitable Distributions (QCDs) to donate directly from IRAs. This reduces taxable income and supports local causes.
Strategy 4: Smart Social Security Timing
Delaying Social Security can reduce the percentage of benefits taxed and increase overall lifetime income.
Anchor’s Role
Anchor Financial Group models multiple tax scenarios to show families how small decisions today lead to big lifetime savings.
Taxes don’t have to drain your retirement. Anchor helps Oklahomans keep more of what they’ve earned.