It’s important to look ahead to try to reduce your taxes in retirement using strategies that take advantage of tax law. With all the talk about Social Security reform as well as sweeping tax legislation changes that have taken place, getting tax advice from a financial advisor like Scottsdale Wealth Advisory is more critical than ever.
We look for ways that may be available to help you reduce your tax obligations, both current and future. As a part of a comprehensive financial approach, we offer tax strategies to our clients which you can use in conjunction with your CPA or tax specialist. Some taxes can be deferred, others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.
Some people are surprised to find that they owe taxes in retirement. Some even pay taxes on Social Security! That’s why tax planning is imperative for the retiree, and we strive to keep you in the lowest tax bracket possible every year. In order to do that, we have to take a look at what qualifies as “earned income,” and we have to take money out of your nest egg in a tax-advantaged manner during retirement.
When it comes to qualified money, like 401(k)s and traditional IRAs, RMDs (Required Minimum Distributions) come into play at age 70-1/2. You have to start taking money out of these types of accounts following strict guidelines, and that has tax implications to your retirement plan. We have specific strategies that we use to help reduce withdrawals and tax liability.
To learn more about the professional history of our financial advisors, please visit FINRA’s Broker Check. Scottsdale Wealth Advisory is a state registered investment advisor serving Arizona, California, and Texas that provides wealth management services under the fiduciary standard. Our mission is to provide the families and businesses we serve with innovative financial strategies, solutions and planning that result in financial clarity, security and overall financial health. Making strong commitments to our clients and building lifelong relationships are tenets of success at Scottsdale Wealth Advisory. Scottsdale Wealth Advisory provides investors custom-tailored investment strategies to meet short and long-term needs, by anchoring clients’ portfolios with Vanguard Investments, we significantly reduce your costs to help you keep more of your returns. Our goal at Scottsdale Wealth Advisory is to help our clients realize their financial dreams by offering creative solutions through an open and transparent process utilizing both financial and insurance solutions to achieve financial independence. As a fiduciary, we are legally obligated to put our clients’ interests first. We empower you to navigate today’s complex financial world. We customize a plan to fit your individual and family needs, as well as the needs of your small or large business. *Insurance offered through S.A.F.E. Insurance Management, LLC. Securities offered through M.S. Howells & Co. Member FINRA/SIPC. Advisory Services Offered through Scottsdale Wealth Advisory, LLC, a Registered Investment Advisor. M.S. Howells & Co. and Scottsdale Wealth Advisory, LLC are not affiliated. Copyright © 2018 Scottsdale Wealth Advisory, LLC All rights reserved.