Tax Implications for Retirement

Published by Doug Chaffins at June 14, 2021

About Us

Planning for retirement is important regardless of your stage in life. When you can start planning for the future early, achieving your goals is far simpler. Regardless of your current stage of life, Fricke & Associates, LLC can help you work towards the comfortable future you desire. When you choose Fricke & Associates, LLC for retirement tax planning, you benefit from a team of experts who have helped thousands of people understand all retirement-related tax implications. Your retirement savings cannot be maximized without considering the impact of taxes. We help you navigate the tax code to ensure that you do not pay more than you should. You can feel confident that we will always seek to help you protect your retirement savings.

What You Should Know:

·        Be Aware of How Taxes Impact Your Investment Accounts—Your investment portfolios need to be constructed in a tax efficient manner, so you avoid paying excessive taxes, such as additional net investment income tax, alternative minimum tax, and higher taxes on long-term capital gains and qualified dividends. As experts in taxes, our team is uniquely qualified to guide you in safeguarding your investment accounts from being overtaxed.

·        Monitor How Your Personal Situation Could Impact Your Taxes—Each individual has different tax implications based upon their work, assets, financial state, etc. If you are self employed or own a private business, you should be aware that your tax situation will be impacted. Also, there are some stock options, such as non-qualified stock options, incentive stock options, and employee stock purchase plan sales, that could have a direct impact upon your taxes. Having experts well-versed in taxes will be helpful as you account for your unique situation.

·        Understand that Tax Management Does Not Mean Paying No Taxes—Taxes are inevitable, but we make sure that you do not pay more than you should. We know the best strategies to legally minimize your tax burden and protect your retirement income. We will guide you away from making decisions which will hurt you significantly tax-wise. Retirement tax implications are a strategic balance of loss and gains to avoid severe taxation. If you have significant short-term gains from an investment, we can help you find loss positions within your portfolio that will allow you to mitigate the gain in your taxes.

·        Know that Tax Laws Change Frequently—This fact makes having a tax expert even more valuable. Our tax and accounting services are effective because we can look at your retirement through the lens of a tax professional. We can help you achieve your goals and avoid overpaying on taxes.

For understanding everything you need to know about taxes on your retirement income, reach out to Fricke & Associates, LLC. We have the knowledge and expertise to help you protect your retirement income.

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