Managing Taxes

Why taxes may be one of the biggest threats to your retirement plan.

For decades, we have been taught to fund the 401k as soon as we are eligible.  In addition, to contribute at least up to the percentage that your employer matches.  But the funds growing inside of the 401k are growing on a tax-deferred basis. This means that when you retire and roll the 401k into an IRA, at age 70-1/2 you must begin taking withdrawals known as Required Minimum Distributions.  The IRS will tax you on the withdrawals at your current income tax rate.

Do you think taxes will go down in the future?

Do you think they will continue to climb as the years pass?

Would you like to know how to create tax-free income from your current qualified account?

I will show you how to calculate the total amount of taxes you may pay on your IRA or 401k in retirement and if it makes sense to convert these funds into a tax-free vehicle.  We will look at the numbers and review the analysis to determine the best way to leverage your funds.

Call me today at 309-291-0491 to schedule your consultation.

While tax and legal and estate issues may be discussed in the general course of financial and investment planning, Simplicity Wealth does not provide tax or legal advice. Please consult with your tax or legal professional prior to making decisions relative to these issues.

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