The Biggest Silent Expense in Retirement — and How to Prepare for It

High net worth individuals often cite taxes as one of their biggest concerns in retirement, with a 2025 Northwestern Mutual study identifying tax impact as a major unanswered question. CFP Board Ambassadors Elaine King Fuentes, CFP®, Spencer Betts, CFP®, Jeremy Shipp, CFP® and Charles Sachs, CFP®, noted that taxes can be a significant but sometimes overlooked factor in retirement planning and emphasized the importance of thoughtful, proactive strategies.

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