Josh Millang discusses how taxes impact retirement.
Listen to the interview on the Business Innovators Radio Network:
Taxes are a significant factor to consider when creating a retirement plan. Paying taxes on income can significantly reduce the amount of money available for retirement savings. It is essential to understand how taxes can impact people’s plans and make adjustments accordingly.
Josh said: “By being aware of the tax implications, people can make more informed financial decisions that will help them reach their retirement goals more quickly. Knowing the types of income affected by taxes, as well as understanding how those taxes are calculated, is an essential part of having a successful retirement strategy.”
It is essential to understand how taxes are calculated and which types of income may be eligible for tax exemptions or deductions. For example, capital gains from investments such as stocks or mutual funds may be subject to different tax rates than ordinary income from salaries or wages. Furthermore, certain types of investment income may not be taxable at all.
In addition to understanding the types of income affected by taxes, it is crucial to know how those taxes are calculated. Tax rates vary based on a person’s filing status, adjusted gross income, and other factors. Knowing a person’s specific tax rate can help them make more informed decisions about where to invest and how much money they should save for retirement.
Taxes can significantly impact someone’s retirement plans; however, if people plan ahead and take advantage of the various tax benefits available, they can minimize the impact that taxes have on their finances in retirement. Understanding the applicable tax laws and taking advantage of available deductions can help them maximize the money available for retirement savings.
Overall, taxes should be taken into consideration when planning for retirement. Knowing how income is taxed and the various tax benefits available can help people make more informed decisions about their finances in retirement. These decisions can significantly impact their ability to save for and enjoy a comfortable retirement.
About Retirement Protectors
RPI has been actively managing Health, Wealth, and Legacy solutions for over 2,000 retiree clients from our Central Iowa Headquarters since 2008. They are an established succession planning firm for retiring Medicare Insurance Agents and a Wealth/ Legacy Resource for a growing Network of Elite Independent Senior Market Advisors.
HEALTH- With their proprietary Carrier Connect Platform, they educate Medicare Beneficiaries on the multitude of plan types and companies available in their local market, set expectations for their optimal healthcare experience, and support them over time with our Proactive Service Model (TM)
WEALTH- Financial professionals do fabulous work getting people to retirement so that they can work with them. They leverage the strategies, tactics, products, and technology to craft bulletproof retirement income strategies- for retirees that don’t want to run into worries or run out of money.
LEGACY- Most people prefer to leave their legacy to loved ones rather than their greedy Uncle or a local care facility. They implement innovative planning concepts to mitigate these risks, sometimes without exclusively tying up valuable assets.
Learn More: https://www.retireprotected.com/
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