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Are Taxes The Biggest Drain On Your Financial Well-Being? Thumbnail

Are Taxes The Biggest Drain On Your Financial Well-Being?

Insights

What is the biggest drain on your financial well-being?

Over a lifetime of investing, it will likely be taxes.

If you are younger –

  • Establish a retirement account and begin making regular contributions.
  • Make sure you are maximizing your contributions to these accounts.
  • Weigh out the pros and cons of pre-tax (traditional IRA) versus post-tax (Roth IRA) accounts.
If you are older -
  • Consider Roth conversions from traditional IRAs.  
  • Maximize asset location within your asset allocation.
  • Be smart with charitable giving.
  • Learn the nuances of Social Security taxation. 

Take time to initiate smart tax strategies throughout the year.

Want to discuss more? Reach out to me.