Call Us CALL US TODAY | (800) 301-8818
Annuities IRA/401k ANNUITIES IRA/401K Read More
Tax Free and retirement plans TAX FREE RETIREMENT PLANS Read More
Social Security Benefits SOCIAL SECURITY BENEFITS Read More
Lifetime Income LIFETIME INCOME Read More
Life/Mortgage Insurance Insurance LIFE / MORTGAGE INSURANCE Read More
Final Expense FINAL EXPENSE/BURIAL INSURANCE Read More

Having a source of tax-free retirement income can help you minimize your state and federal income taxes.

Most people think retirement will be less complicated than working life, but there's one aspect of being a retiree that's likely to be more complicated: your income taxes. When you're working, your employer will typically withhold enough from your paychecks to cover your tax bill. But once you retire, you'll be responsible for figuring out how much you owe and paying it to the IRS and your state revenue department.

The good news is that not all sources of retirement income are taxable. One of the best potential sources of nontaxable income is a Roth retirement account. With a Roth account, you can't deduct your contributions while you're working, but once you retire and start taking money out of the account, you don't have to pay taxes on those distributions. In essence, a Roth account is the opposite of a traditional IRA, which allows you to deduct your contributions from your taxable income but does not allow tax-free withdrawals. And Roth accounts can save you money on other taxes as well if you plan your distributions carefully.

 

Read more by clicking here.

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Facebook
LinkedIn
Twitter
YouTube
© Copyright. All rights reserved.
Powered by Insurance Website Builder