The Retirement Tax Mistake Successful Lawyers Can Make
From The Law Firm Owner Tax & Money Show by Megan Robin, J.D., Tax LL.M. · 5:18
Show by Megan Robin J.D., Tax LL.M.
What if maximizing your traditional 401(k) today creates a bigger tax problem in retirement? Most retirement planning advice assumes that you'll earn less money when you retire. But for successful law firm owners, that assumption may be completely wrong. Your law firm may continue generating income. Your investments may grow. You may own real estate, additional businesses, or other income-producing assets. So what happens when you've spent decades deferring taxes into a traditional 401(k), only to discover that you're still in a high tax bracket when it's time to withdraw the money? In this episode of The Law Firm Owner Tax & Money Show, tax attorney Megan Robin explains why conventional retirement planning can fall short for law firm owners and why minimizing taxes today isn't necessarily the same as minimizing taxes over your lifetime. In this episode: Why traditional retirement advice may not fit law firm owners How continued income in retirement can complicate 401(k) withdrawals Why required minimum distributions (RMDs) matter How retirement income can affect Social Security taxation and Medicare premiums Why Roth conversions and diversified tax treatment deserve consideration The difference between annual tax savings and lifetime tax planning About Megan Robin Megan Robin is a tax attorney and law firm owner who builds comprehensive tax strategies for law firm owners. Her approach looks beyond the annual tax return to consider how business decisions, retirement accounts, investments, benefits, and long-term financial goals work together. Learn more: https://meganrobin.com Tax Strategy. By a Lawyer. For Lawyers. This podcast is for general educational purposes only and does not constitute legal, tax, accounting, or financial advice.
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