Are you saving money in an IRA or 401K?
It’s natural to think of this as being your money.
But it’s technically a “joint account” between you and the IRS.
Because remember, you still must pay taxes when you withdraw this money in retirement.
Many people forget they have to pay taxes on this money, or they grossly underestimate how much these taxes could be.
If you have a good chunk of your savings in tax-deferred retirement accounts, you may need to withdraw more than you realize to cover both your retirement expenses and the taxes on these withdrawals.
And when you combine the taxes on your (1) IRA and 401K withdrawals, (2) Social Security benefits, and (3) other investment income, you could be pushed into a higher tax bracket, paying even more taxes.
The good news is, we believe, you have more control over your taxes in retirement than at any other time in your life. And if you take advantage of some simple tax-planning strategies before you retire, you could save a considerable amount of your hard-earned savings.
To learn more about how you could potentially reduce the taxes in retirement and on your IRA or 401(k) your, contact us at ask@shpne.com.
The content of this advertisement was prepared by TRIAD Partners. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk, and unless otherwise stated are not guaranteed. Be sure to first consult with a qualified financial advisor and or tax professional before implementing any strategy discussed herein. Hypothetical examples and illustrations are for example purposes only and individual results will vary. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product. Offices in Westborough, Marlborough, Dartmouth, and Braintree are offices of convenience and only used for client meetings. SHP Financial utilizes third party marketing and public relation firms to assist in securing media appearances, for securing interviews, to provide suggested content for radio, for article placements, and other supporting services. SHP Financial has qualified for multiple awards through various contests — some of which were based off of employee/ employer surveys, community votes, and/or paid entries.