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You may have heard the adage “timing is everything.” But you may not realize that timing is important even when it comes to taxes.
As you prepare for retirement, when you pay taxes can have an outsized impact on your retirement income. Accounts that give you a tax break when you contribute — such as a 401(k) — make you pay up when you take money out. But other accounts — such as Roth IRAs or some life insurance policies — take your taxes up front, and give you tax-free qualified withdrawals in retirement.
By balancing different types of accounts — the “when” of taxes — you create more flexibility to minimize your taxes and maximize your income in retirement.
Contact us today to learn more about the impact a tax-efficient retirement income strategy can have on your lifestyle in retirement.
We are not affiliated with, or endorsed by the Social Security Administration or any government agency. Life insurance guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Life insurance typically requires health underwriting and, in many instances, financial underwriting. Policy loans and withdrawals will reduce available cash values and death benefits, and may cause the policy to lapse or affect any guarantee against lapse. Additional premium payments may be required to keep the policy in-force. Withdrawals are generally income tax-free, unless the withdrawal amount exceeds the amount of principal paid. Our firm does not provide legal or tax advice. Please consult a legal or tax professional.