Retirement Tax Planning

Reduce Your Taxes, Protect Your Wealth

“Tax planning is one of the areas where people can achieve significant wealth advantages or wealth and income losses without a strategic, forward-looking tax strategy.”

First Financial Planners can help you reduce your taxes and leave more wealth for the next generation. We often find clients who are “out of tax balance” and have too much money in their tax-deferred retirement accounts. It is important to have a forward-looking tax reduction strategy that provides a significant reduction in tax costs, creates opportunities to have more income, passes your legacy to beneficiaries, and frees up money for out-of-pocket health care.

A lack of future tax mitigation strategy will incur significant taxes that will continue to compound over time, along with exposure to any future tax law changes that will likely raise taxes significantly. Lost opportunity costs will also compound. Your estate value could be impacted as well, resulting in less value being passed on to beneficiaries.

Taxes will continue to increase interest, dividends, and capital gains as excess taxable distributions from 401(k) and IRA RMDs are reinvested in “taxable investment.”

Your portfolio could be missing the diversity it needs if you have approximately 55% invested in equities subject to high market volatility and losses and 45% invested in fixed low-interest yields subject to significant loss of purchasing power value during a high inflation environment.

First Financial Planners can help you analyze your current financial standing to make comprehensive tax plans for you and your legacy. We can structure a tax strategy that reduces future taxes on taxable investments and retirement accounts and employ tax tools and a coordinated strategy to fund the tax strategy with taxes paid as a discount. A tax plan design may provide significant long-term and chronic healthcare benefits without purchasing the traditional long-term care insurance. Overall risk in your current investment plan could be lowered with broader diversification into various asset classes, different investment product types not currently being utilized, and the opportunity to improve yields.

We also believe that multi-generational planning can benefit multiple generations and enhance the long-term benefits of existing assets with reduced market risk and taxes. A deep-dive analysis will identify the best planning strategies and tools best suited to optimize the long-term solutions and benefits that are most aligned with your goals and objectives. Your best decisions will be obtained from the details of this analysis, which can be quantified and compared to your current plan.

How can we help you achieve the retirement you want?

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