The Overlooked Retirement Tax Strategy That Could Save You a Small Fortune

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“You’ve heard of ‘compounding interest,’ right?” asks Utah financial advisor Ryan Thacker. “It’s your money rolling downhill like a snowball – and the longer it rolls, the bigger it gets.”

Warren Buffett credits compounding interest as a key driver of creating long term wealth, even referring to it as the”eighth wonder of the world,” a quote attributed to Albert Einstein.

“But most people have never heard of ‘compounding tax savings,’” adds Tyson Thacker. “Yet it could be just as powerful as compounding interest, saving you a small fortune in taxes for the rest of your life.”

Financial advisors Ryan Thacker and Tyson Thacker are the President and CEO of B.O.S.S. Retirement Solutions. Over the past two decades, they’ve helped more than 50,000 Utah families plan for a better retirement.

They say this overlooked retirement strategy could have a much bigger financial impact than most people realize.

A Little-Known Move with Big Potential

“This is not some product or tax loophole. And we’re not trying to beat the system.” explains Ryan. “It’s just a powerful strategy that many families overlook.”

Here’s how it works…

Let’s say you’re able to save $10,000 in taxes in one of the first years of retirement through some simple tax planning strategies.

But it’s not just $10,000, no. Because you could very well enjoy those same tax savings every year in retirement. And if you repeat those tax savings every year for the next 25 years, that’s $250,000 in savings.

But it doesn’t stop there…
Because if this money stays invested during this time, these savings could quietly snowball into $500,000, or more.

This is what Ryan and Tyson call “compounding tax savings.”

“You’re not just saving money once,” says Tyson. “You’re saving it year, after year, after year. And those savings could grow significantly over time.”

Roth Conversions Are the Secret Weapon

So how do retirees actually reduce their taxes in retirement?

You have many options available to you. But one of the most effective ways, say the Thackers, is by converting your traditional IRA or 401K into a Roth.

“When you convert to a Roth, you pay taxes on the money you convert now, but then that money grows completely tax-free,” explains Ryan. “No taxes on your investment growth. No taxes when you withdraw this money in retirement. No RMDs. Plus, it can be passed on tax-free to your heirs.”

With the extension of lower tax rates in the latest federal bill (“One Big Beautiful Bill”), this could be the best window in history to convert your retirement savings into tax-free income.

“But if you wait too long – especially when RMDs begin at age 73 – you could be forced to withdraw large amounts of taxable income every year,” says Tyson. “That could push you into a higher tax bracket, triggering higher taxes on Social Security and other investment income.”

You Don’t Need Millions

The good news is you don’t need millions of dollars to save a lot of money in taxes when you’re retired.

“In fact, many of the families who have saved at least $300,000 could benefit from these tax-savings strategies” says Ryan.

The Thackers emphasize that this is about retirement tax planning, not just tax preparation at the end of each year.

“When your CPA files your return in April, they’re just reporting history,” says Tyson. “But tax planning is different; it’s about making proactive moves now that could reduce your taxes for the rest of your life.”

The Bottom Line

Most retirees don’t realize they have more control over their taxes in retirement, than any other time in their lives.

But the window to take advantage of this may be closing.

“We don’t know how long this window is open,” says Ryan. “These low tax rates won’t be around forever. Besides, the sooner you start, the more options you have to save.

B.O.S.S. Retirement Solutions offers a free, customized Retirement Tax-Savings Analysis to help you uncover these tax-savings opportunities.

During this quick appointment, they’ll gather some basic information from you.

Then, they’ll identify the specific strategies that are best-suited for your situation.

And finally, they will show you how much money you could potentially save – not just this year, but every year in retirement.

It’s not uncommon for families to realize tens of thousands of dollars in tax savings every year.

While other advisors may charge hundreds of dollars for this type of customized analysis, B.O.S.S. offers it absolutely free, even if you’re not a client.

This offering could be especially beneficial for families who have saved at least $300,000 for retirement.

To schedule your free, no-obligation B.O.S.S. Retirement Tax-Savings Analysis, click HERE

About the Authors: Tyson Thacker and Ryan Thacker are the CEO and President of B.O.S.S. Retirement Solutions. They are published authors of the Amazon best-selling book, The B.O.S.S. Retirement Blueprint, Your Guide to a Secure and Independent Retirement. B.O.S.S. Retirement Solutions has helped 50,000 area families plan for a better, more secure retirement, and they have seven offices located throughout the Wasatch Front.

This is for illustrative purposes only, results may vary. Advisory services offered through B.O.S.S. Retirement Advisors, an SEC Registered Investment Advisory firm. Insurance products and services offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. BOSS submitted applications and paid application fees to be considered for the Utah Best of State for Retirement Planning awards. The award results were independently determined by the awarding organization’s criteria (https://www.bestofstate.org/about.html) and the information BOSS provided in the applications. BOSS received the Utah Best of State award in 2019, 2020, 2021, 2022,  2023 and 2025. Our firm is not affiliated with the U.S. government or any governmental agency. Marketing materials provided by Infinity Marketing Services.