Gathering all of your documents and hoping you come out with an April tax refund, is tax preparation. But when is the last time your taxes were proactively planned for with a professional? When was the last time you planned for tax reductions for future years of your retirement?
Tax preparation is a historical recap and rarely provides preparation for your future. Lost tax money is seldom retrievable, unlike with market cycles where you may rebound from a market loss.
Understanding the tax consequences of your investments and savings becomes even more critical during retirement for a few reasons:
At Advisory Group West, our goal is to help maximize your income and minimize your taxes through proactive financial planning, working with your tax professionals as needed as part of your comprehensive plan. This likely includes:
Implementing tax-efficient asset allocation, tax-managed portfolio design and tax-favored investment vehiclesStrategizing how to develop reliable cash flow that accesses taxable, tax-deductible, tax-deferred and tax-free savings throughout retirement, while mitigating tax consequences and managing your tax bracketStrategizing for managing capital gains taxesUsing tax management tactics for taxable investment accounts such as tax lot accounting, tax-loss harvesting and tax-aware tradingAs a standard part of our Complimentary Cornerstone Vissions™ Strategy Session process, we help answer your critical tax questions, such as:
In what order should I take money from different accounts in retirement?How can I reduce my taxes on my investments to increase my after-tax returns?How will required minimum distributions (RMDs) from retirement accounts impact my future income and tax bills?Are there any charitable gifting and legacy strategies that can increase my tax benefits?If these few questions are not currently being addressed in your financial plans, it’s time to start a new conversation!
*AGW does not provide tax preparation services. Please contact your tax professional for your assistance.
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