If someone could show you how much taxes you could be paying over the rest of your life, would you want to know? Do you think determining your current and future tax liabilities could help with developing a strategy that minimizes how much you pay during retirement?
In retirement, a higher income can lead to higher tax rates, it can make your Social Security benefit become taxable, and it can increase your Medicare premiums. Sometimes simple mistakes when taking income can cost you thousands in taxes. This doesn’t even count the taxes on the assets that you transfer to your heirs and beneficiaries. Taxes could be one of your largest expenses in retirement so we recommend taking steps now to help ensure that you’re taking advantage of any possible tax minimization strategies that help maintain the retirement you’ve worked hard to build.
Utilizing the skills of certified public accountants can be important to your finances. Such a team can help monitor tax law changes specific to your retirement strategy and provide different tax minimization strategy options.
* Prism Wealth Management does not offer tax planning or tax filing services.