If taxes rise in the future, will it cut into your retirement savings?

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Tax-Efficient Strategies

If taxes rise in the future, will it cut into your retirement savings?

Rising taxes may be a concern for anyone — especially for individuals approaching retirement. Having a solid strategy in place for how you will pay taxes on your retirement income can be an important component to living on a fixed income and avoiding surprises come tax time.

Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, without paying current income taxes, potentially allowing it to earn interest at a faster rate. Tax-deferred vehicles only allow you to defer paying income taxes until the money is withdrawn — presumably during retirement when you may be in a lower tax bracket. However, few financial vehicles avoid taxes altogether.

Because tax-deferred vehicles are generally designed to help individuals work toward specific long-term goals, there may be restrictions on when money can be withdrawn without penalty. Early withdrawals may be subject to charges and fees. Withdrawals prior to age 59 ½ may be subject to a 10 percent federal additional tax.

To schedule a time to discuss your financial future, contact us at (615) 656-3170 today!


Our firm is not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. You should consult a legal or tax professional on any such matters.

Contact Us Today!

NASHVILLE, TN
9019 Overlook Blvd.
Suite C1-B
Brentwood, TN 37027
Phone: (615) 656-3170
Fax: (866) 673-4465

CHICAGO, IL
2580 Foxfield
Suite 101
St. Charles, IL 60174
Phone: (630) 584-2800
Fax: (866) 673-4465
The Chicago office is for the
convenience of meeting clients only.

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