Your Money and Taxes

A financial advisor often helps people during their accumulation years; however, once retired a different set of lenses needs to be focused on distribution of those assets. One of the biggest risks of loss to a portfolio being distributed is the current income tax rates. Therefore, during the retirement years it is necessary to not only focus on achieving a good rate of return, with little risk; but to also consider the tax allocations.

 

Utilizing a proprietary tool to allocate assets in the most tax efficient manner is key to planning during retirement years.

Deborah Gamber first attended an Ed Slott IRA distribution planning meeting in Orlando, Florida in the fall of 2002. She was a member of his advisors group for a year and then later became an Elite Advisor with his network in 2008 and 2009. She is no longer a member of the Elite IRA Advisor Group however she still keeps up to date on tax issues with tax updates from the Kiplinger’s Monthly Tax Newsletter.

As Deborah helps her clients with tax efficient distribution planning techniques, she believes it is important to strive to have the most up to date tax information from CPA sources, as she is not a CPA. Deborah believes it is important for retirees to have several sources of income, whether taxable or tax free, because one never knows what rates taxes will be during a 30 year retirement. This type of planning gives clients choices as they are withdrawing income from a variety of sources during their retirement years.

 

A LOOK AT PAST TAX RATES

Taxes – Top Marginal Tax Brackets 1913-2011 Affected by Economic Cycles