How Do You Become Tax Efficient in Retirement?
People talk all the time about tax efficiency in retirement, but what does that truly mean and why does it matter? It’s much more than a buzzword; it’s a vital strategy for preserving more of your money in retirement.
Today we’re going to explain why tax efficiency matters, the risks of not being tax efficient, and strategies for becoming tax efficient. You’ll be able to learn about different types of retirement accounts, the impact of legislative risk, and how to prepare for potential changes in tax laws. Plus, we’ll explain our Roth conversion analysis tool and how it helps us determine when you want to take advantage of a conversion to help build a tax-free retirement fund.
Tax efficiency isn’t just about saving money. Being proactive about your tax planning now can help secure your financial future.
Here’s what we discuss in this episode:
0:00 – Intro
1:55 – Why does this matter now?
4:24 – Tax rate changes
6:26 – Legislative risk
8:38 – Types of accounts and how they’re taxed
12:56 – HSA
14:06 – Actions you can take now
16:58 – Roth conversion analysis
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Investment Advisory Services offered through CreativeOne Wealth, LLC, a SEC registered investment adviser. CreativeOne Wealth, LLC and Bowman Financial Strategies are unaffiliated entities.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 19770 - 2020/2/10
Investment advisory services are provided in accordance with a fiduciary duty of care and loyalty that includes putting your interests first and disclosing conflicts. Insurance services have a best interest standard which requires recommendations to be in your best interest. Advisors may receive commission for the sale of insurance and annuity products. Additional details including potential conflicts of interest are available in our firm's ADV Part 2A and Form CRS (for advisory services) and the Insurance Agent Disclosure for Annuities form (for annuity recommendations).