You may be able to reduce taxes on retirement withdrawals by carefully choosing which accounts to draw from, managing how much taxable income you recognize each year, considering Roth conversions, planning ahead for required minimum distributions, and coordinating investment decisions with your tax professional. The best approach depends on your retirement income needs, the accounts […]
Category: Tax Planning
How Do Income Taxes Affect My Retirement?
Income taxes affect how much of your retirement savings you can actually spend, which accounts you should consider withdrawing from, and how long your financial resources may need to last. Withdrawals from traditional IRAs and 401(k)s, Social Security benefits, pensions, investment accounts, and annuities can all receive different tax treatment. Coordinating these income sources can […]
Why Should Your Financial Advisor Collaborate With Your CPA, Attorney and Other Professionals?
Financial planning rarely happens in isolation. Your financial advisor, CPA and attorney may each play an important role in your financial life—but they shouldn’t necessarily be working in isolation from one another. Your investments can affect your taxes. Your estate plan can affect how assets ultimately pass to your family. Insurance decisions may affect your […]