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If you have recently retired or left your company you are faced with one of the most important financial decisions of your life.
No one looks forward every year to pay taxes. The tax codes are always changing and there seems to always be an unpleasant surprise with the IRS every year.
There is always the fear of losing large portions of your savings to the IRS. Even with the advice of an accountant or CPA, you can end up paying more in taxes on your retirement assets than you imagined. Many people just give up, thinking there is nothing much they can do about taxes.
The truth, however, is the proper tax planning can make the difference between going broke and being wealthy.
At United Safeguard Financial group we have partnerships with some of the premier tax advisors and estate planning attorneys in our industry.
A little planning ahead can go a long way to keeping your taxes as low as possible in retirement. In order to plan ahead properly, you'll need to understand how your retirement income will be taxed.
Retirees often receive income from a variety of sources, including Social Security benefits, and distributions from pensions, annuities, IRAs and other retirement plans. It is important to look at how the income from your different sources of income are taxed, and then look at basic tax strategies.
Many times retirees overlook the simple concept of tax deferral and the power it can have over time with their investments. Simply stopping the 1099 reporting each year on an investment and creating tax deferral can mean the difference of thousands of dollars.
Your Social Security benefits may be completely tax free or partially tax free, depending on your total income.
Figuring out how much of your benefits will be included as taxable income involves some math. For planning purposes, if your retirement income will cause some of your Social Security benefits to be taxed, it is possible to reduce or eliminate the taxation.
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By contacting us, you may be offered information regarding the purchase of insurance and investment products.
Your investment advisor is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.
John Schnorr has over 17 years of experience designing portfolios to help retirees make more informed decisions to build a strong financial future.
We specialize in Retirement Phase Planning with a focus on: Wealth Preservation, Wealth Management through Investment Advisory, Income Planning and Estate Planning
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