As we approach the end of the year, it’s a great time to review your retirement plan—not just for investment performance, but for tax efficiency.

Here are a few strategies that could potentially help you keep more of your retirement income:

• Roth Conversions: Converting funds from a traditional IRA or 401(k) to a Roth account now could mean tax-free withdrawals later.
• Tax-Efficient Withdrawals: Being strategic about when and how you draw from accounts could help you stay in a lower tax bracket and reduce your overall tax burden.
• Qualified Charitable Distributions (QCDs): If you’re taking Required Minimum Distributions (RMDs), donating directly from your IRA to a charity can lower your taxable income while supporting causes you care about.
• Social Security Tax Strategies: Managing your income levels can help reduce taxes on your Social Security benefits.
• Tax-Efficient Investing: Consider shifting assets to investments that generate less taxable income, like municipal bonds or tax-managed funds.

Be sure that you’re doing everything you can to keep what’s yours. A call to our team at 678-539-9518 can help you better understand what your future tax bill may be and what might be done to lessen it.

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.

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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.