For many people, the answer is yes. But proactive planning before you retire could help you minimize Income Taxes on your retirement income.
After years of planning for that perfect retirement, diligently investing your money, drawing up detailed budgets and wisely investing your assets, you still have one more big issue and expense: Income Taxes.
As much as 85% of your Social Security income could be subject to federal (and possibly state) income taxes. “ That can be a real shock when people collect their first check,” says Bill Hunter, Head of Strategy for Retirement Client Experience at Merrill Lynch.
How much of your Social Security income is subject to tax depends on a variety of factors, including your federal income tax filing status, and your modified adjusted gross income.
Proactive planning and professional advice is needed for Income Tax Planning. Everything from reviewing your portfolio to properly structuring certain transactions (such as the sale of assets with Capital Gains ) is prudent. Wise planning and sound advice may help you to reduce your Income Taxes in Retirement.
The Goal is to not over-pay your Income Taxes !
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- Fraser can help you with the very first steps that you must take to exit your DROP.
- Fraser can help you meet the dates and deadlines for filing your DROP Exit forms.
- Fraser can help you determine what forms are needed, and help you complete them.
- Fraser can help you with choices for wisely investing your DROP Rollover money.
- Fraser can help you optimize your un-used DROP Sick Days and Vacation Days.
- Fraser can help you maximize your Social Security benefits for you and also for your Spouse. Note: Social Security decisions are irrevocable after 12 months.
- Fraser can help you with your Health Insurance, Medicare, Medicare Supplements Home and Long Term Care choices. Most Long-Term Care occurs in your Home.
- Fraser can help you coordinate your Retirement Plans with your Spouse’s Retirement Plans. You and your Spouse want to be in synch about Retirement.
- Fraser can help you reduce your Income Taxes in Retirement. This may save you a lot of money over the rest of your Life. Don’t over-pay your Income Taxes. What a waste of Money.
- Fraser can help you with your Estate and Legacy Planning. Fraser is a Certified Estate Planner™. Leave A Legacy, not A Mess. This is a moral as well as a Financial responsibility.
- Fraser can help you Get Your House In Order with Wills, Trusts, Powers of Attorney, A Living Will, Health Care Directives, Final Expenses, etc.
- Fraser can help you with a Home Health Care Plan, customized for you. Act now, while your health still qualifies. Home Health Care is the future of Long Term Care.
Your DROP Plan is your Retirement Nest Egg.
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Remember the two Golden Rules of Investing:
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2) It’s Never Too Early to Plan for Retirement.
These are Big Decisions for You ... with really Big Consequences.
As You Retire, You are about to make some of the most important
financial decisions of Your entire Life :
What to do with Your DROP Lump Sum
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Thanks and attribution to Merrill Lynch for the content of this article.