Have an IRA? IRA Tax Planning for Retirement
An IRA (Individual Retirement Account) is a common retirement savings vehicle. Many of us contribute to our 401, 403 or IRA accounts on a monthly or annual basis, while we work towards the ultimate goal of retirement!
Unfortunately, an IRA strategy does not end once you reach retirement age. It is important to implement an IRA tax planning strategy that protects your IRA investment from taxes and expensive long-term care costs. Fear not, we are here to help!
The IRA accounts for most retirees are simply unprotected. Planning to take the minimum distribution at 70 ½ years old benefits Uncle Sam, and not you in your retirement! This means having to pay exorbitant taxes and putting your IRA at risk from nursing home or long-term care costs. An IRA protection plan ensures your taxes are paid, and the balance of your assets is protected for the long haul.
The very beauty of contributing to an IRA with deferred taxes loses its luster once it comes time to start making those withdraws! As your required minimum distribution (RMD) increases, and as taxes can increase with time, having a protection strategy is key.
Why IRA Protection Should be a Priority
The very nature of an IRA is impacted and dictated by passing time. From your first withdrawal to the ever-increasing RMD, time is not on your side in IRA-land. Start early, to protect your IRA and limit your tax liabilities Also, in the event of your passing, your spouse or children will receive as much of the assets as possible.
Call AlerStallings today and let our attorneys protect your hard earned savings!