Tax Minimization Strategies

While very few investments avoid taxes altogether, many allow you to defer paying them until retirement – when you may be in a lower tax bracket.

Tax Minimization Strategies

Rising taxes may be a concern for many individuals approaching retirement. It may be important to incorporate tax planning into your financial decisions.

Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to earn interest at a faster rate. Few financial vehicles avoid taxes altogether. Insurance products only allow you to defer paying them until retirement — when you may be in a lower tax bracket.

Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10 percent additional federal tax.

Your investment advisor 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.

 

We can also refer you to professionals who provide the following services:

Trusts » Probate » Charitable Giving » Estate Planning » Tax Planning

Michael Blaker, President and CEO

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It can be difficult to make financial decisions without access to information. If you have questions or concerns about your current retirement strategy, feel free to reach out.

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