Building a Tax Efficient Plan
What does it mean to think and plan strategically with your taxes? How does that change what you do when saving for retirement?
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Of course, we all want to figure out ways to reduce the taxes strategically. If you feel like you’re paying too much in taxes, what do you need to do differently? Remember, if you have to pay a lot in taxes, that probably means you have a lot of income, so it’s not all bad!
Small business owners are one group of people who often have a hard time saving for retirement though without the traditional 401(k) plans set up. But there are still other ways to think creatively. One option may be the Roth IRA. Maybe you could invest in an HSA or real estate to find tax benefits. Always consider, what’s the end game? Then ask, do you think taxes are going to go up?
How can you take advantage of the low tax rates now? For those of us who aren’t small business owners, are there financial decisions that could make a big difference in the long run? Once you have your debts paid and an emergency fund saved, then what? Are you maximizing your Roth IRA or Roth 401(k)? Are you utilizing your HSA? Are you working with an advisor that is thinking about financial planning strategies for the future?
Listen to the entire episode or click on the timestamps below to skip ahead to a particular segment.
[0:16] – Are you taking advantage of tax strategies?
[2:41] – Capital gains taxes are currently low, dependent upon which candidate is elected.
[4:04] – Will taxes probably go up?
[5:09] – How can you take advantage of low taxes now?