When clients begin working with us, they often ask the same two retirement questions.
“Will I make it?” and “Do I have any financial blind spots?”
They’re not alone. Most people, maybe even you, have had the same concerns about the future.
That’s why, at Unified, we have developed a unique process when it comes to retirement planning. Our process is built on a foundation, and philosophy, that looks at you as a whole — never in pieces. This holistic approach is especially important when it comes to retirement. Why? Because change is a constant and your retirement plan should be flexible enough to prepare for the certainty of uncertainty.
To make it even more complicated, US tax laws are also constantly changing. Major shifts have recently come down through the Cares Act, the Secure Act, and now a third called the Rescue Plan for the COVID-19. The acts have dramatically changed the retirement distribution landscape and include important changes to tax law that will impact almost everyone, especially when it comes to retirement planning. If you’re not careful, and your planning is not done properly, you risk losing 30%, 40%, or even 50% of your retirement money to taxes.
That’s why, at Unified, we rarely attempt to answer the two questions above before we examine, or at least review, something we call Family Tax Bracket Management.
At some point, someone will have to pay the IRS what is due on your retirement accounts. The key to reducing that tax is called Family Tax Bracket Management. This forward-planning technique defers tax payments over the greatest number of years possible and helps spread out your distributions into the lowest tax brackets available. This can result in a substantially lower tax obligation and can significantly contribute to your long-term retirement plan.
Family Tax Bracket Management
Money, finances, and taxes can be confusing and complex. There’s a lot of different rules, but you don’t need to go it alone. I encourage you to find an advisor who:
- will look at your taxes carefully
- has the recent tax changes
- understands Family Tax Bracket Management
- knows how to apply Family Tax Bracket Management to your personal retirement plans — before it’s too late!
If you would like to learn more about our financial planning services, please connect with us and schedule an introductory call. See if Unified is a good fit for you, and if you are a good fit for Unified.
Being looked at as a whole and utilizing Family Tax Bracket Management can go a long way toward minimizing financial risk to your family’s future.