The smart money knows how devastating taxes can be to a good retirement plan. With the size of our national debt (and despite the best we can plan) the government (GOP or Dems) could decide to raise our taxes one day to handle the massive burden that continues to build every day. Our national debt currently sits at $19.5 Trillion. It’s mind boggling! For most of us the number is so large it’s unfathomable.
From this article … “According to conventional retirement planning wisdom, you should structure your retirement withdrawals so that money comes out of your taxable accounts first, then…” Read the rest when you have a chance.
Some of us have some ticking tax bombs that need to be diffused. Just deferring taxes is great until it’s time to pay. With some careful planning and positioning there are ways to minimize paying taxes on some of your investments. There are also ways to avoid them completely.
Just one of those potential ticking tax bombs is Social Security. The gift that keeps on giving will also keep on taxing depending on how your other investments are situated. It’s best to catch this one early.
There are possible ideas for every situation. A careful review and wise planning now may save you considerable amount in taxes later. Let’s make sure we’re doing all that’s possible to avoid those ticking tax bombs.
To Your Best 2nd Half,
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss.
