If You’re Paying More Than You Expected in Taxes, Act Now So It Won’t Happen Again

Welcome to today’s CT Buzz. I’m Allison Demurs. Ben Fuchs, founder of Fuchs Financial, is here to talk about retirement and taxes, particularly if it looks like you’ll be paying more taxes in 2025 than expected. His advice: act now so it won’t happen again next year. In addition to being a certified financial planner, Ben is a certified private wealth advisor professional. Fuchs Financial has a team of trusted advisers recognized for helping Connecticut families plan and retire with confidence. Ben, walk us through some of the ways you help people avoid unexpected taxes. First, we analyze their actual tax return to identify what’s driving taxes—interest, capital gains, W-2 income—and figure out strategies to mitigate them. This may include changing the structure of investments, especially while clients are working and earning more than in retirement. The first step is bringing your tax return to a complimentary consultation so we can do the work for you. Can you give an example? A client had $80,000 in taxable interest from CDs. By moving investments strategically, we were able to reduce that to $20,000 in taxable interest while maintaining slightly higher returns. The client was very happy. You also use scenario-based planning. How does that help? Taxes aren’t the only factor. We combine taxes with investments to create a visual, scenario-based plan. Clients can see the impact of decisions like delaying Social Security—how it affects income, taxes, and how long investments last. Understanding the cause and effect helps clients make confident decisions. What else impacts taxes and retirement income? Increasing your savings rate as retirement approaches is crucial. Once major expenses like daycare or college are covered, saving more reduces taxes, builds retirement resources, and helps you adjust to spending less now so you’re prepared later. Thank you, Ben. Your offices are in Middletown, West Hartford, Mbury, and Mystic, and your initial consultation is complimentary with no obligation. We create personalized, adaptable, and clear retirement plans. Visit taxesandincome.com or call 860-461-1709 to set up an appointment. Planning without pressure. Thank you for joining us for today’s CT Buzz. I’m Allison Demurs. See you next time.