What have you done to help mitigate the risk of rising taxes during your retirement? For many approaching retirement, rising taxes are concerning.
Don’t face Uncle Sam unprepared during your retirement. Having a strong tax plan in place can have a positive impact on the overall amount of money that stays with you in your retirement years. You will need to plan for your future income and taxes owed on that income. For example, you must consider if your social security will be taxed on when taking distributions. For most, but not all, social security is taxable.
Other considerations like pensions, spousal income, dividends from stocks, and other paychecks will have an impact on the amount owed to the IRS. During working years, many have one job, but upon retirement, retirees tend to have multiple streams of income to consider when it comes time for taxation, and all hit differently.
With a strong tax plan in place and a team by your side, you could limit your exposure to excess tax liabilities.
Investment advisory services are offered through Trek Financial, LLC., an SEC Registered Investment Adviser.
Information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed, and past performance is no guarantee of future results. For specific tax advice on any strategy, consult with a qualified tax professional before implementing any strategy discussed herein.
*We do not charge you for this evaluation and there is no obligation for you to work with an advisor if you proceed. However, please be aware that there are fees associated with when working with a financial professional. Please contact us for more information on the costs associated with personalized financial planning and investment management.
