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TAXES IN RETIREMENT – Will You Be Paying MORE – or LESS?

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Untitled-24Are you truly aware of how you can pay your future taxes at a discount?  Are you ACTIVELY working with your advisers—be they CPAs or attorneys—to implement strategies that will ensure you do not pay unnecessary taxes or leave you vulnerable to unprotected risk?

Here are a few questions you should be asking:Picture1

  • Have you created a TAX FREE ZONE for savings and income?  (Note that your 401(k) or pension is NOT a tax free zone).
  • Do you know HOW MUCH INCOME you will need in retirement?
  • Do you know what your SOURCES OF INCOME will be in retirement?
  • Do you know what the TAX ON YOUR INCOME will be in retirement?
  • Will you be in a LOWER TAX BRACKET in retirement?
  • Are you in a position to pay future taxes at a discount and protect your assets in case of a severe health event?

If you answered NO to one or more of these then now is the time to take a look at your portfolio to analyze whether your retirement savings and retirement assets are fully protected from taxes.

There are three ways that you can effectively create lower taxes on income in retirement:  you will either have to lower your income, create tax losses to offset your income, or create a tax free zone where all income is usually received tax free (I say usually because it is imperative that you follow the uncomplicated rules).  In the tax free zone, wealth transfer is usually tax free and health protection benefits are received tax free. The illustration below shows these options.

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A TAX FREE ZONE is the most under-utilized position in most peoples’ portfolios. Contact Goldwater Financial Group TODAY at 617-527-9736 to determine how a tax free zone can be added to your existing portfolio.

*Disclaimer:  rules must be followed for these strategies to work effectively

 


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