Tax Planning

Strategies to help you keep more income

Managing taxes in retirement is key to making your savings last and maximizing the income you worked hard to build.

Smart Tax Planning for Retirees

Personalized strategies for minimizing retirement taxes

Taxes don’t stop when you retire, and without a plan, they can quickly erode your nest egg. At Iron Point Retirement Solutions, we help retirees create retirement income strategies designed to minimize taxes and stretch savings further. From navigating required minimum distributions to understanding the impact of Social Security taxation, our approach covers all the details that affect your bottom line. With Iowa’s recent changes making retirement income tax-free for many residents, federal planning is more important than ever. We work alongside your CPA or tax professional to integrate tax efficiency into every part of your retirement plan so you can keep more of your hard-earned money.

Essential Tax Strategies for Retirees

Coordinating income, withdrawals, and timing

Roth Conversion Planning

Converting pre-tax retirement accounts into Roth IRAs can help create tax-free income later and reduce required minimum distributions in the future. We evaluate your current and projected tax brackets to determine if conversions make sense for your situation.

Tax-Efficient Withdrawal Order

The order in which you draw from accounts impacts how long your savings last and how much you pay in taxes. We help create a coordinated withdrawal plan that balances taxable, tax-deferred, and tax-free accounts for optimal results.

Required Minimum Distribution (RMD) Strategies

Missing an RMD can trigger steep penalties, so planning ahead is critical. We guide you on timing, amounts, and integrating RMDs into your broader income plan while minimizing their tax impact.

Leveraging Iowa Tax Rules

Iowa now excludes most retirement income, including Social Security and qualified plan distributions, for residents age 55 and older. We incorporate these state-specific advantages to maximize your after-tax income.

Charitable Giving Through QCDs

Qualified Charitable Distributions from IRAs allow you to give to causes you care about while lowering taxable income. We help determine if this strategy fits into your retirement and legacy goals.

Why Tax Planning Strengthens Your Retirement

Keeping more of what you worked for

Maximizes Lifetime Income

Smart tax strategies help stretch your savings and reduce unnecessary IRS costs over time.

Coordinates With Your Entire Plan

Integrating taxes with income, investments, and estate planning creates a balanced retirement strategy.

Takes Advantage of Iowa Rules

Using Iowa’s favorable retirement tax laws can increase your spendable income every year.

Common Questions About Retirement Tax Planning

Helping Iowa retirees reduce their tax burden

  • How can I reduce taxes on my retirement income?

    Reducing retirement taxes starts with planning when and how you withdraw funds from different accounts. Coordinating taxable, tax-deferred, and tax-free income sources can help minimize the IRS’s bite. We also explore strategies like Roth conversions, tax-efficient withdrawal sequences, and charitable giving options that can lower your overall tax liability. Every plan is tailored to your unique income needs and future goals.

  • Are retirement distributions taxed in Iowa?

    As of 2023, Iowa exempts most retirement income, including Social Security and qualified plan distributions, for residents age 55 and older. This means many retirees only face federal taxes on their retirement income. We help you understand how these state-level exemptions impact your plan and adjust strategies to make the most of Iowa’s favorable tax environment.

  • What is a Roth conversion, and should I consider it?

    A Roth conversion transfers money from a pre-tax account, like a traditional IRA, into a Roth IRA, making future withdrawals tax-free. This can be a powerful tool to reduce future required distributions and create tax-free income later in retirement. Whether it makes sense depends on your current tax bracket, future income projections, and legacy goals. We evaluate these factors to determine if a conversion fits your plan.

  • Do Social Security benefits get taxed in retirement?

    At the federal level, up to 85% of Social Security benefits can be taxable depending on your income. In Iowa, Social Security is exempt from state taxes, which provides some relief for retirees. We review your income sources to help minimize federal taxation and coordinate your benefits with other retirement income streams.

  • Why should I work with a retirement tax planner?

    Tax planning in retirement requires more than just filing returns; it involves creating a proactive strategy to manage income and minimize taxes over time. We work with you and your CPA to integrate tax efficiency into your entire retirement plan. This comprehensive approach helps you keep more of your money and adapt your strategy as tax laws or your situation change.