Call Text 561-929-1668 | 8 Strategies How Can I Avoid Paying Taxes on Retirement Income
The Retirement Planning Institute is a financial think tank ready to solve consumer problems.
One of the greatest problems we see that can easily be fixed is with Taxable IRA distributions/withdrawals.
Why are Retirement Funds Taxed Like Hard-Earned Money?
A final thought to this tragic comedy is to note that the IRS blindly taxes the same amount in retirement as it does during their working years. Why is hard-earned money taxed at the same rate as retirement savings?
This tax bill would be much better off saved in the family's pocket than in the government's account and this tax can easily be avoided with intelligent financial engineering.
Bad News for the IRS
With a simple legal tax adjustment, a taxable IRA can be converted to a Tax-Free account allowing retirement assets to grow Tax-Free and be withdrawn Tax-Free.
Tax-Free Retirement Accounts
Tax-Free Retirement distributions are quite simply, the best tax gift Congress has ever given the American taxpayer for retirement; it's a wonder why more people do not take advantage of this great plan.
There is a conversion tax that must be paid, but once one realizes that large tax paid over the life of an IRA it makes sense to plan ahead and cut the tax early on.
Why Tax-Free Conversions Make Sense Now
One reason why Tax-Free accounts are not a household staple is that converting Qualified Funds has come with a heavy price tag. However, that's changed. With the new tax rate reductions coupled with an increase in standard deductions now is the most opportune time to convert to a Tax-Free account.
Benefit #1 Lower Social Security Taxes and Save
Since Tax-Free accounts distribute assets income Tax-Free this can help avoid... Read More
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