Tax Strategies: Paying Now vs. Later

Rather than wait for an 𝘂𝗻𝗸𝗻𝗼𝘄𝗻 𝘁𝗮𝘅 𝗯𝗶𝗹𝗹 𝗶𝗻 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 when you’re ready to start taking income from retirement savings vehicles, you could consider getting those taxes out of the way from the get-go!
𝗣𝗮𝘆 𝘁𝗮𝘅𝗲𝘀 𝗼𝗻 𝘆𝗼𝘂𝗿 𝘀𝗲𝗲𝗱, not your harvest, with a Roth IRA! 🌾
𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀 entails taxing the principal investment and as the account accrues. This way, growth is taxed, not solely the final gains. 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝗶𝗻𝗰𝗼𝗺𝗲 is a strategy where tax is paid on income earned as it’s received rather than waiting for the end of the year.
It’s important to note that 𝘁𝗮𝘅 𝗹𝗮𝘄𝘀 𝘃𝗮𝗿𝘆 based on specific regulations of each jurisdiction, so make sure you sit down with a professional before determining if a Roth IRA would align with your specific aspirations for retirement! 👋
If you have specific questions you would like to address with Kristina, Rob, or the team at Powerful Legacy, LLC directly? Book a complimentary visit here 👇
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We are an independent financial services firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives, and do not offer tax or legal advice.
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