League City Workshop Warns 55-to-72 Year Olds About Tax Traps

Retirees in the Houston area face a complex tax environment that could shift depending on who controls Congress. Coby Culpepper, lead wealth advisor at Impact! Partners Financial, says the focus should be on understanding personal options rather than predicting legislative changes. He notes that many individuals save in accounts where taxes are deferred until withdrawals occur.

The primary concern for these savers is the total amount of taxable income they will receive in retirement. Culpepper explains that drawing from tax-deferred accounts, combined with Social Security benefits or pension payments, can create a higher tax burden than people anticipate. This accumulation of income streams requires careful planning to avoid unexpected liabilities.

Financial decisions made by older generations also impact the next one. Culpepper points out that inherited retirement savings can have specific tax implications for adult children. He advises that moving funds into a Roth account is a significant decision that requires careful consideration to ensure it fits the individual's long-term financial strategy.

Impact! Partners Financial is hosting a free Taxes-in-Retirement Workshop on Saturday, Nov. 7, to address these issues. The event is scheduled for 9 a.m. to noon at the Amphitheater at South Shore Harbour Resort in League City. The session is open to adults ages 55 to 72, and spouses are welcome to attend. Seats are limited, and registration is available online.

The firm's CEO, Summer Roberts, is also giving away free copies of her book, Retire With Impact: A Comprehensive Guide to Retiring in Texas. Readers can claim a copy through the company's website, which also hosts the registration form for the upcoming workshop.