You’ve been working your entire life and contributing to an IRA., which your 401K holder invested for you.
Once you get ready to retire, you’ll move those funds into an individual IRA and start using it for everyday income, replacing your work income.
But, when you’re in retirement, taking these IRA distributions will cause higher taxes on all your income, including Social Security.
These distributions can also affect the taxes on your Medicare and can increase your Medicare premiums.
They will even impact the taxes of your loved ones when you pass away, causing them to pay higher taxes.
Failing to consider the impact taxes can have on your retirement income could have a devastating effect on your lifestyle.
At Southern Advisors, we can show you ways to prevent these retirement problems by planning for them effectively.
To find out how, call us for a no obligation consultation today.