As the calendar flips to March, many families start gathering W-2s, 1099s, and receipts. Tax season has a way of sneaking up on us. But as a financial advisor, I see this time of year as more than just a filing deadline — it’s an opportunity.
In keeping with our monthly financial checklist theme throughout 2026, this month it's time to Review Your Tax Strategy.
Too often, people treat taxes as a once-a-year event. But savvy tax planning is part of a long-term retirement income strategy. The weeks before the filing deadline are the perfect time to step back and evaluate where you stand — and where you’re headed.
If you’re retired or approaching retirement, your tax picture is likely more complex than it was during your working years. Social Security, pensions, required minimum distributions (RMDs), brokerage accounts, and IRAs all interact in ways that can quietly push you into higher tax brackets. Without careful coordination, you may inadvertently trigger higher Medicare premiums or increased taxation of Social Security benefits.
March is an ideal month to review your current tax bracket and your projected future tax exposure. Instead of reacting at the last minute, we can make proactive decisions while there’s still time.
Tax strategy isn’t about avoiding taxes altogether. It’s about managing when and how you pay them — so hopefully your retirement income lasts as long as you do.
Here are five key factors I encourage clients to consider when reviewing their tax strategy:
- Understand Your Current and Future Tax Bracket
Don’t just look at what you owe this year. Look ahead. Are you in a temporarily low bracket before RMDs begin? Before one spouse passes away and the surviving spouse files single? Projecting future brackets can reveal planning opportunities today. - Evaluate Roth Conversion Opportunities
Converting traditional IRA assets to a Roth IRA can create a tax bill now, but potentially tax-free income later. In lower-income years, partial Roth conversions may allow you to “fill up” a tax bracket strategically. This can reduce future RMDs and provide greater flexibility down the road. - Coordinate Charitable Giving Strategically
If you’re charitably inclined, gifting appreciated securities or using Qualified Charitable Distributions (QCDs) from IRAs (for those eligible) can reduce taxable income. Timing and method matter. A thoughtful approach can benefit both you and the organizations you support. - Plan Tax-Efficient Withdrawals
Retirement income often comes from multiple buckets — taxable, tax-deferred, and tax-free accounts. The order in which you withdraw funds can significantly impact your overall tax burden. A coordinated withdrawal strategy may help smooth income and minimize surprises. - Watch for Hidden Tax Triggers
Capital gains, large one-time withdrawals, or even Social Security timing decisions can affect Medicare premiums and taxation thresholds. Small decisions can have ripple effects, so it’s important to see the full picture before acting.
As the April 15 filing deadline approaches, emotions can drive decisions. People rush to make last-minute moves without fully understanding the long-term consequences. The goal is to build a coordinated strategy that supports your retirement income plan year after year.
Taxes are one of the largest expenses most retirees will face over a lifetime. Yet they’re also one of the most manageable — when addressed proactively. By reviewing your strategy now, you may uncover opportunities to reduce lifetime taxes, improve cash flow, and gain greater confidence in your financial future.
If you haven’t reviewed your tax strategy recently, March is the time to do it. Let’s take a close look at your income sources, your current bracket, and your long-term retirement income plan — before decisions become rushed.
To schedule an appointment, call 859-291-9290, send me an email at jdduffey@everestfinancial.net or visit everestfinancial.net/contact. I would be happy to sit down with you, evaluate your situation, and help ensure your retirement income plan is as tax-efficient as possible.