Last updated: March 12 2019
It’s tax filing season but smart taxpayers will turn this into tax planning season, too. The key question for couples working with tax specialists: how do we maximize our retirement income potential? There are three specific goals to consider.
These are the three secrets to success in saving enough money – after taxes, inflation and fees – to fund an adequate retirement. The annual tax filing visit with advisors can be so much more than a compliance exercise, when highly motivated clients and advisors join forces.
The success of the process, however, is also very much dependent upon behavioral finance. Younger clients must have the discipline to actually save the money, and older clients must make it their business to withdraw funds knowledgeably. That is, with their after-tax results in mind.
For them, there are a few additional tax tips to consider in order to minimize tax and maximize cash flow. The federal government has provided several tax breaks that help today’s retirees increase their after-tax receipts from retirement savings. Advisors and clients should be sure to discuss them this tax filing season:
Excerpted from Essential Tax Facts by Evelyn Jacks, 2018 edition. Evelyn Jacks is a best-selling author of 54 books on personal tax filing and planning and President of Knowledge Bureau. Please follow her on twitter @evelynjacks
Additional educational resources:
For Taxpayers: The 2018 version of Essential Tax Facts is sold out, but you can reserve the new 2019 version now. It will be released in early April to encompass the 2019 federal budget details and is available for pre-order by calling 1.866.953.4769 now. Or send an email with your request to firstname.lastname@example.org.
For Advisors: All of the tools and professional methodologies required to prepare your clients for a worry-free retirement are taught in an excellent professional certification program exclusively available from Knowledge Bureau. Sign up now for a free trial of the Elements of Real Wealth Management course and differentiate your practice this year by earning the RWM™ designation.
Another option: Advisors and clients alike may wish to consider taking the newly updated Tax Efficient Retirement Income Planning Course. It’s the featured course this week, with a special tuition offer that’s available to Knowledge Bureau Report readers (see your newsletter for details). It is one of six courses required to earn the prestigious MFA™ – Retirement Services Specialist designation.
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