Even when the daily grind stops and you switch from relying on a paycheck to living off your hard-earned savings and other income sources, the shadow of taxes will continue to loom.

More importantly, taxes incurred by retirees can be much different than the income and capital gains taxes you may have gotten used to over years of your working career.

Items to consider that could be adjusted and monitored to optimize your tax obligations include¹:

• Contribute to a 401(k)
• Contribute to a Roth 401(k)
• Contribute to an IRA
• Contribute to a Roth IRA
• Make catch-up contributions
• Take advantage of the saver’s credit
• Avoid the early withdrawal penalty
• Remember required minimum distributions
• Delay 401(k) withdrawals if you are still working
• Time your retirement account withdrawals

Chances are that you’ve built up many different assets, savings accounts, and investments on your road to retirement. All of them can come with different tax obligations and can be hard to keep track of on your own.

Our team of experienced professionals is wanting to help simplify the process, inform you about emerging tax situations, and help build a plan that best suits your wants and needs in retirement. Call us at 678-539-9518 and start working towards a strategy that will help you keep more of the money you’ve earned.

1. https://money.usnews.com/money/retirement/articles/ways-to-reduce-taxes-on-your-retirement-savings

Investment advisory products and services made available through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier.

Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.

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This blog is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.