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Dollars & Sense: Busting Myths About Taxes in Retirement

Dollars & Sense: Busting Myths About Taxes in Retirement

July 20, 2023

It’s the middle of summer and we are feeling that heat and humidity! Here’s hoping the last half of summer is drier and more enjoyable.

Even though we saw a lot of turbulence last year, 2023 is turning out to be a pretty good year for the stock market. What helped turn the market around? A few big factors were the FED realized they were raising interest rates too fast and eased off, the unemployment rate is very low, and we avoided a recession that many thought we’d be in by now. We can’t say we didn’t warn you to turn the news off and to stop listening to the media’s scare tactics. ;)

We’re packing a one-two punch and busting myths about taxes in retirement. For those who have been working for years and socking money away in their 401(k), they’re now seeing significantly large balances in them. Back in the day, employees were given company-sponsored pensions and you were simply paid the pension when you left. The issue we’re seeing for 401(k) owners is that this large lump of money is taxable income and you need to know how to manage it so it lasts you for the rest of your life in a tax efficient way.  You ever hear the expression that once you retire you’ll be in a lower tax bracket? Is that really the case?

Whether you’re a business owner or work for someone else, you can’t avoid taxes in retirement. What you can control is saving money now and working with a certified financial planner professional to help you plan for your retirement and beyond. Contact our team today at www.freedmanfinancial.com/contact-us.

Tune in to this week’s episode of Dollars & Sense as Marc and Marion bust myths about taxes in retirement in a language you can understand.

A full complement of Dollars & Sense broadcasts found here.

 

DISCLOSURES:
During Dollars & Sense with Freedman Financial, your host, Marc Freedman, may discuss specific financial planning and investment ideas. These discussions are for general information only and are not intended to provide specific advice or recommendations.

Securities and advisory services are offered through LPL Financial, a Member of FINRA and SIPC.

Always consult a Certified Financial Planner professional, qualified attorney, or tax advisor prior to investing to determine what is appropriate for you.

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