Tennessee doesn't tax retirement income, but its high sales taxes can eat away at budgets. Retirees are turning to structured planning to stay ahead. Today, we look at how wealth managers can help. Visit https://goldstonefinancialgroup.com/ to learn more.
Welcome to today's episode!
For households approaching retirement, the challenge isn't about saving enough. It's about making those savings last. Rising healthcare costs, market swings, and inflation all put pressure on fixed incomes and long‑term wealth.
The Social Security Administration confirmed a 2.5 percent cost‑of‑living adjustment for 2025, increasing the average retirement benefit by about forty‑nine dollars a month to one thousand nine hundred and seventy‑six dollars. Medicare Part B premiums, however, are also set to rise, which will offset part of that gain for many retirees. Together with market uncertainty, these pressures create what advisors call the "paycheck gap" — the difference between reliable income and actual living costs.
Strong retirement planning resembles a map: it anticipates multiple routes and prepares for obstacles. A Retirement Roadmap takes an integrated approach that combines income planning, tax management under the SECURE 2.0 Act, healthcare budgeting, estate and legacy planning, and wealth management strategies that balance portfolio growth with risk controls. Coordinating these elements provides more predictable cash flow while protecting long‑term assets.
Tennessee retirees face a unique financial landscape. There's no state income tax on retirement benefits, but Tennessee has some of the highest combined state and local sales taxes in the country, averaging more than nine percent. Property taxes vary across counties, though senior relief and freeze programs exist. For retirees, income often lasts longer without state taxation, but high sales taxes and rising healthcare expenses mean preserving wealth requires careful planning.
Managing accounts like 401(k)s, IRAs, and brokerage portfolios separately can backfire. Without oversight, withdrawals may trigger higher taxes, or portfolios may be overexposed to risk. Healthcare costs can quickly erode savings. Wealth managers emphasize that the goal isn't about beating the market; it's about ensuring consistent income flow and preserving purchasing power.
Local advisors at Goldstone Financial Group help bridge this gap. Led by Anthony Pellegrino, their Retirement Roadmap integrates wealth management with retirement income planning, aligning strategies to each client's risk tolerance and time horizon. For pre‑retirees, it helps organize assets for a smoother transition. For those already retired, it adapts portfolios to changing markets, healthcare costs, and regulations.
The bottom line: inflation can cut purchasing power in half over a 20‑year retirement. Rising healthcare costs, new federal rules, and Tennessee's unique tax environment all make coordination essential. Building or revisiting a Retirement Roadmap offers Nashville retirees a structured way to preserve wealth and maintain stability across decades.
Learn more about how Nashville wealth managers are responding to an inflationary environment by visiting the website linked in the comments. Thanks for tuning in! Goldstone Financial Group City: Oakbrook Terrace Address: 18W140 Butterfield Road Website: https://www.goldstonefinancialgroup.com/ Phone: +1 630 620 9300 Email: contactus@goldstonefg.com