If You Have a Pension, Smart Tax Planning Should Start Now

Adding pension income to Social Security benefits and income from required minimum distributions could see you facing a tax torpedo and higher Medicare costs.

An older woman talks on the phone with her laptop open at the kitchen table.
(Image credit: Getty Images)

Less than 20% of people have a pension nowadays. If you are fortunate enough to have one, there's special planning that you need to consider. The problem is that many financial planners do not talk about planning with pensions because most planners do not specialize in this area. The good news is, through this article, you're going to learn how to maximize your pension and see as much of it in your pockets as possible.

We do this with smart tax planning to help ensure you do not have to pay more taxes than absolutely necessary. Do you ever feel like you are overpaying in taxes each year? Our goal is to change that.

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Joe F. Schmitz Jr., CFP®, ChFC®
Founder and CEO, Peak Retirement Planning

As Founder and CEO of Peak Retirement Planning, Inc., Joe Schmitz Jr. has built a comprehensive retirement planning company focused on helping clients grow and preserve their wealth. Under Joe’s leadership, a team of experienced financial advisers use tax-efficient strategies, investment management, income planning and proactive health care planning to help clients feel confident in their financial future — and the legacy they leave behind. Joe has also written a book, titled I HATE TAXES. You can find Joe on YouTube by clicking here, where he creates educational videos for those in or near retirement. If you would like to talk to Joe’s team, you can schedule a meeting by clicking here.