These 3 Tax Strategies Could Help Your Retirement Strategy Suncrest Advisors

Have you been considering the impact taxes will have on your retirement savings? Have you been strategic in managing the effect taxes may have on your financial future? If you answered no to either of these questions, you may want to take a look at the following tax planning ideas.

  1. Consider a Roth IRA

You make contributions to a Roth IRA with after-tax dollars. So, when you withdraw from a Roth IRA, you don’t have to pay taxes on those withdrawals. There are various rules about when you can withdraw from a Roth IRA, and there are some limitations to contributions, but a Roth IRA might be a good option if you expect that you are currently in a lower tax bracket than you will be when you retire.[1]

  1. Tax-Advantaged Investments

Certain investment products can have tax benefits depending on how you use them. Some types of real estate may be tax-advantaged. Annuities can come with tax advantages. In addition, municipal bonds may also come with tax advantages. So, make sure you ask your advisor about some tax-efficient strategies before finalizing your investments.[1][2][3]

  1. Charitable Giving

Did you know that giving money to charity can help you to reduce your tax burden? You will have to itemize your income tax, but if you do, it’s possible to reduce your tax burden if you strategize your charitable gifts with your taxes.[3]

Conclusion: If you’ve ever wondered what you can do to reduce your tax burden, we’re just scratching the surface. There may be ways that insurance can provide you with tax-efficient funds to help cover your costs and reduce your taxable income. However, it takes a well-planned process and a comprehensive understanding of your financial options to make sure you make the most of the tools available to you.

If you think you’ve been paying too much in taxes or are worried you might in the future, now is a great time to reach out to a financial professional. They can help you uncover a complete picture of your financial situation, illuminate key strategies that may work best for you, and offer their vigilance and guidance throughout your financial journey. So, Click HERE to reach out to us today at Suncrest Advisors for a complimentary review of your finances to get started.

 

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Investment Advisory Services offered through Portside Wealth Group, LLC. Portside Wealth Group, LLC is an SEC Registered Advisor. Portside Wealth Group LLC, and its representatives do not provide tax or legal advice. Each taxpayer should seek independent advice from a tax professional based on his/her own individual circumstances. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the Advisor referenced in this disclosure has attained a particular level of skill or ability. Securities offered through The Leaders Group, Inc., Member FINRA/SIPC, 26 W Dry Creek Circle, Suite 800, Littleton, CO 80120. (303) 797-9080.