Retirement Planning Education, with Andy Panko

#211 – 8 common tax planning mistakes often made in retirement

• Andy Panko

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Andy discusses common tax planning mistakes often made in retirement. Additionally, he shares insight on how to attempt to prevent such mistakes, and/or fix them after they've happened


The 8 common mistakes are:

  • Not paying enough income tax timely throughout the year, and having underpayment penalties as a result
  • Missing or not taking the correct amount of Required Minimum Distributions (“RMDs”)
  • Having improper beneficiary designations
  • Not properly applying Roth account withdrawal rules
  • Not understanding IRA “basis” and the pro rata rule
  • Not being as tax-efficient as possible with charitable giving
  • Not managing Modified Adjusted Gross Income (“MAGI”)
  • Not planning for state-specific income tax considerations


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Andy Panko

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