Some of the most common retirement questions involve what to do with Social Security or Medicare. Yet, one of the most important questions you should ask is, How will I be taxed in retirement?
That’s because, according to the Financial Industry Regulatory Authority, “income taxes can be your single largest expense in retirement.” And it’s a ticking time bomb, right up to when you turn 70½. That’s when you’ll be required by the IRS to take distributions from your IRAs. If not carefully planned, those distributions can kick you into a higher tax bracket, costing you thousands, if not hundreds of thousands, in unexpected ways.
In this video, Great Waters Financial Lead Advisor, Nick Foulks, takes you through what you need to know about Roth IRAs and Roth conversions with action steps you can take today to avoid unnecessary taxes in retirement.
In this on-demand video, you will learn:
We are a group of financial professionals who want to inspire others to live great lives. We believe that retirement isn't the end of the road, but a great, new beginning. One filled with new aspirations. We want to help you realize those dreams.
Founded in 2012, our philosophy bridges the gap between technical experience and showing our clients how each piece supports the future they are building. We have deep experience in investments, portfolio management, benefits, and Social Security to help you build the future you want in retirement.