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🏡 Retiring in St. Tammany Parish? Here’s How to Keep More of Your Money
At Consortium, we believe retirement should be about freedom, not financial stress. If you’re retiring in Slidell, Covington, or Mandeville, smart tax planning can help you stretch your savings, minimize unnecessary withdrawals, and make the most of every dollar you’ve earned.
Whether you’re living off a pension, Social Security, or 401(k), this guide will walk you through key tax planning strategies for Louisiana retirees.
💡 1. Know What Income Is Taxed in Louisiana (And What Isn’t)
One of the biggest advantages of retiring in Louisiana? The state offers tax breaks for retirees—but only if you understand how to use them.
✅ Here’s what’s NOT taxed by Louisiana:
- Social Security income
- The first $6,000 of pension/retirement income (per person, age 65+)
- Some military, state, and federal retirement benefits
But keep in mind:
🔻 401(k) and IRA withdrawals are taxed as ordinary income
🔻 Capital gains and dividend income may still apply
At Consortium, our retirement specialists help clients review which accounts to draw from first to minimize their state and federal tax burdens.
⏱ 2. Time Your Withdrawals to Stay in a Lower Tax Bracket
Tax brackets aren’t just numbers—they’re powerful planning tools.
If you’re between retirement and age 73 (when RMDs begin), you may have a “tax sweet spot” where your income is temporarily lower. That means you can:
- Convert pre-tax retirement funds into a Roth IRA
- Realize long-term capital gains at 0% or 15% tax rates
- Strategically draw from taxable and tax-free accounts
💡 Consortium Tip: We create custom “retirement withdrawal timelines” to help Northshore clients avoid tax spikes and Medicare surcharges.
🔄 3. Consider Roth IRA Conversions Before RMDs Begin
At age 73, the IRS forces you to begin Required Minimum Distributions (RMDs) from tax-deferred accounts. These count as income—and they can trigger:
- Higher income taxes
- Medicare premium increases
- Reduced eligibility for other credits or deductions
A smart move?
Gradually convert 401(k) or traditional IRA funds into a Roth IRA during low-income years.
You’ll pay taxes now, but enjoy:
- Tax-free withdrawals later
- No RMDs on Roth IRAs
At Consortium, we evaluate whether Roth conversions make sense based on your full income picture and retirement timeline.
🏡 4. Take Advantage of Louisiana’s Homestead Exemption
If you own your home in St. Tammany Parish, you may qualify for a Homestead Exemption of up to $75,000 off your property’s value for tax purposes.
Better yet, if you’re 65 or older, you may freeze your property’s assessed value—protecting you from future increases.
To qualify, you must:
- Own and occupy the property as your primary residence
- File with your local assessor’s office
Consortium advisors guide retirees through this and other local savings opportunities that are often overlooked.
📅 5. Plan Now for the 2025 Tax Sunset
The Tax Cuts and Jobs Act (TCJA) is set to expire at the end of 2025, unless extended. That could mean:
- Higher federal tax brackets
- Reduced standard deductions
- Changes to estate and gift tax limits
Now is the time to lock in tax-advantaged moves—especially for higher-net-worth individuals and early retirees.
Consortium’s planning team stays on top of tax law changes and proactively adjusts our clients’ financial plans to account for shifting rules.
🔐 6. Don’t Overlook Charitable Giving and Gifting Strategies
Looking to give back or reduce your taxable estate?
Here are two powerful options for retirees:
- Qualified Charitable Distributions (QCDs): Donate directly from your IRA to a qualified charity after age 70½. Counts toward your RMD, but not your income.
- Annual Gifting: Gift up to $18,000 per person (2025 limit) tax-free. A smart estate and tax move for those with children or grandkids.
At Consortium, we build giving into your broader financial strategy, blending purpose with tax efficiency.
🧾 Ready to Retire Smart in St. Tammany Parish?
Taxes can eat away at your retirement income—but only if you let them. With the right strategy and a partner who knows Louisiana tax law inside and out, you can retire with more peace of mind and less tax stress.
🎯 Let’s Talk:
Our team at Consortium offers personalized retirement and tax planning services for individuals and families in Slidell, Covington, and Mandeville. Whether you’re 5 years from retirement or already enjoying it, we’ll help you keep more of what you’ve worked so hard to earn.
👉 Schedule your free consultation today and let Consortium help you retire smarter.
📚 References:
- Louisiana Dept. of Revenue – Retirement Exemptions: https://revenue.louisiana.gov/
- IRS 2025 Contribution & Gifting Limits: https://www.irs.gov/
- St. Tammany Assessor’s Office – Homestead Exemption: https://www.stassessor.org/