Rising taxes may be a concern for many individuals approaching retirement. It may be important to incorporate tax planning into your financial decisions.
Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, without paying current income taxes, potentially allowing it to earn interest at a faster rate. Tax-deferred vehicles only allow you to defer paying income taxes until the money is withdrawn-- presumably during retirement when you may be in a lower tax bracket. Very few financial vehicles avoid taxes altogether.
Because tax-deferred vehicles are generally designed to help individuals work toward specific long-term goals, there may be restrictions on when money can be withdrawn without penalty. Early withdrawals may be subject to charges and fees. Withdrawals prior to age 59 ½ may be subject to a 10 percent federal additional tax.
Our firm is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.
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Investment advisory services offered only by duly registered individuals through FLP Wealth Management, LLC and AE Wealth Mangaement, LLC (AEWM). AEWM and Family Legacy Planning are not affiliated companies.
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