Unlike the Conventional Wisdom Regarding the Need to Mindlessly Defer Taxes, the GOAL Should be to Reduce One's LIFETIME TAX BILL
Pay Attention to Current and Future Tax Rates
- Compare the current tax rate to the future tax rate in retirement
- Compare the current tax rate to the future tax once the Widow's Penalty kicks in (Married Filing Jointly to Single)
- Compare the current tax rate to the potential heir's tax rate (SECURE ACT; if an IRA)
Paying some taxes now could be a missed opportunity, especially if the tax rate is expected to increase in the future
A Common Enemy: Everyone Hates Taxes
What keeps you up at night?
- Paying Too Much in Taxes
- Creating a Retirment Plan
- Market Volatility
- Not Having Enough Money to Retire
- Outliving Your Money
- Health and Medical Expenses
- Legacy and Caring for a Family Member
- Other