Every Friday, Casey Weade highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Catch a preview of this week’s Weekend Reading for Retirees with one of Casey’s featured articles here.
Taxation on retirement accounts is complicated enough, but when you add in ever-changing legislation rules, you might be left wondering how to protect your portfolio from Uncle Sam. Learn how five simple strategies can help put more dollars back in your pocket in this article from The Street below.READ THE ARTICLE
Taxes might be your biggest financial concern; After all, they are certainly one of the top retirement pitfalls, and in worst-case scenarios, could cost you a small fortune.
If you’re facing looming uncertainty regarding how much of your future retirement income you’ll actually get to keep, creating a plan is key. National IRA distribution educator, Ed Slott, focuses on how to make tax rules work for you, not against you, through five simple steps listed here:
- Time it smartly – Your withdrawals, that is
- Secure it – Understand the tax implications of the SECURE Act, and create new planning alternatives to the tax hit your beneficiaries may take
- Roth it – Build up your retirement account, and pay the income tax upfront
- Insure it – Buy life insurance to offset the tax burden for beneficiaries
- Avoid the Death-Trap Tax – This involves creating an estate plan that’s truly customized to you
Elevate your tax efficiency: If you want to dig deeper, we’ve just launched a complimentary webinar hosted by Ed Slott, all based around The New Retirement Savings Time Bomb, and you can register for it now. Don’t be on ‘the government plan.’ You have an opportunity between the ages of 59 ½ and 72, ‘the sweet spot,’ to take control of your retirement taxes, so don’t miss out!