Maybe you have heard of retirement "gap years" or maybe it's a new concept to you, but how to plan for your retirement gap years is a common question for retirees.
The value of these years is that they are likely going to be the lowest tax years for the rest of your life. This means you could have an opportunity to take advantage of those lower tax rates and lower your lifetime tax bill.
In this episode of Retirement Answers, we cover:
- What these gap years are
- Discuss how you can use them to your advantage
- Walk through a real life example of this in action
- My big takeaway
The most important thing you can do is evaluate your situation to see what opportunities you can take advantage of during this crucial time in retirement because you won't get those opportunities back in the future.
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What is Retirement Answers?
Retirement Answers is a podcast built to help you succeed in retirement. The thought of retirement can be overwhelming and downright scary for many... but it doesn't have to be!
The goal of this podcast is to provide thoughtful insights and strategies to give you the confidence you need to retire successfully. At the end of the day, my ultimate goal for my clients and podcast listeners is to live a fulfilling retirement.
Follow along as I publish a new episode each week covering everything from retirement income planning, tax planning, Social Security, insurance planning, investing, and much more.
Here's to learning everything you need to know to live out your dream retirement!