Three Types of Investment Accounts & How They May Affect Your Retirement Income
This week’s blog is a homage to a book that we’ve been giving to people who come in for a...
By: RL Wealth Partners Oct 25, 2023 5:00:00 PM
When over 250 recent retirees were asked, in terms of expenses, what the biggest surprise was in retirement, do you know what the number one answer was? 1
Taxes.
While respondents overestimated the costs of healthcare in retirement, they tended to underestimate the expense of taxes.
And get this - "Despite the significant impact that taxes have on respondents’ income, a surprising portion of the retirees were unfamiliar with the specifics of their tax status."
If you've been working for 40+ years, there is a VERY high chance that you've had the "pleasure" to pay your share of taxes. So why is it such a surprise to recent retirees as to how much they end up paying in taxes when they enter retirement?
Because they didn't create a tax planning strategy to help minimize their taxable income in retirement.
It's been said before, but there's a not-so-silent "partner" on your retirement accounts - Uncle Sam.
So, in this episode of After The Paycheck, Ryan and Adam discuss reasons why taking the time to go over your tax planning situation NOW could help maximize your income in retirement, and what your next steps should be:
BRING YOUR TAXES INTO FOCUS
As part of our 365 Retirement Planning Process, we invested in software to help make the financial planning process more efficient, while creating more value for every client. Click here to learn how you can have a complimentary Tax Report created just for you.
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