Continuing a new series of articles designed to help you begin planning at home for retirement. Second in our series is an educational article on strategic planning for taxes. Retirees can be affected by a variety of taxes — state income taxes, estate taxes and Social Security taxes, to name a few. But the most common tax — the one that all retirees will deal with — is the federal income tax.
Many people wait far too long to begin thinking about how they will pay for their retirement. And most tax strategies have a stronger impact if they are started early… as early as possible. Creating tax-efficient investments is one way to maximize your retirement portfolio. Learn about the 4 tax buckets and how planning for different types of investments with differing tax treatments can significantly impact your retirement income. As tax savings and tax deferments accumulate and compound over the years, it is possible to save tens of thousands of dollars by simply planning ahead and implementing your tax strategies early.
It’s important to work with an experienced financial professional and your tax advisor to work out the best strategies for your unique situation. Sound complicated? That’s why many people procrastinate about retirement planning. Let us help. We offer a free consultation in our office tailored to your circumstances. Sit down with our expert retirement planners, Jim Byrd and his team, and we’ll review your portfolio, your budget, and your future plans, and we’ll help you plan for a worry-free retirement with lifetime income you cannot outlive. For additional tax questions, we’ll direct you to one of our trusted partners to help you develop and implement a tax strategy for retirement that is appropriate for your financial situation. It’s never too early or too late to start retirement planning and investing.
So start here and take a few minutes to read this article on planning for retirement with tax strategies in mind. Then don’t wait. Give us a call. We’d love to hear from you at 251-625-1226.
Read the entire article here: Tax Strategies for Retirement