Minimize Taxes

Minimize Taxes

Most traditional retirement plans such as: 401(k)s, 403(b)s, 457s, IRAs, SEPs,  ) are tax-deferred. This means that taxes are due once the money is accessed in retirement.

Keep in mind that we are currently in one of the lowest tax-brackets in history with Social Security and Medicare being underfunded, and our government amassing a larger and larger deficit (visit Mathematically, taxes in the future will have to go up to fix these challenges. Additionally, most people during retirement will have much less tax write-offs (mortgage, children, 401k contributions).

It is important to have a retirement plan that not only provides income, but also lets you keep as much of it as possible. Diversification between tax-deferred and tax-free income should be an important part of retirement planning.

Start Improving Your Finances Today!

The rules for a retiring generation of baby boomers have changed. Learn how those changes affect you as you prepare to live a prosperous retirement.