How Do Taxes Change Now?
April 28, 2022
One of the most common misconceptions about retirement is that your tax rate will remain the same.
No one knows what the future of taxes will hold, which is why you should plan accordingly. Tax rates could rise by the time you retire, or you could end up in a different tax bracket altogether.
Here are some tax mistakes you should avoid:
- Doing an IRA Rollover the wrong way1
- Not understanding Required Minimum Distributions (RMDs) 1
- Not withholding tax on pensions and Social Security1
- Doing no tax planning before retirement1
- Not taking advantage of IRAs1
- Not strategically choosing how and when to withdraw income1
You have worked hard for your retirement income and shouldn’t have to pay more than necessary in taxes. At Welcome Home Financial Partners, we can help you determine an ideal tax strategy to help you keep more of what you’ve earned. Contact us to schedule a complimentary consultation!
1. https://www.thebalance.com/tax-mistakes-to-avoid-in-retirement-2388968