Planning for retirement is an endless number of decisions about income, taxes, social security, investing and so much more. It can be easy to make a wrong turn along the way. If you make a mistake, overlook or underestimate, it could end up being very expensive and too late to reverse it.
Not Understanding Impact of Taxes on Retirement
If you want to retire in the next 5 years, taxes will play a bigger role for you than in any other generation. Most don’t realize taxes are lower than they have been for 40 years. Most tax experts and economist are heeding the warnings that massive tax increases are around the corner to pay for the trillions of dollars of economic stimulus used to help during the pandemic. These taxes could hit just as you retire and could decimate an IRA, 401k, or any other tax deferred retirement account.
Filling Social Security Benefits at the Wrong Time
According to Forbes, 96% of Americans claimed their social security benefits at the wrong time. This mistake can cost an average of $111,000. How and when you claim your benefits can trigger an avalanche of taxes through an IRA or 401K, double your Medicare premiums, or even force you to pay up to 85% in taxes on your Social Security income. It’s critical to understand how all your retirement accounts can be affected WHEN you file for social security benefits.
Not Having a Plan to turn Savings and Investments into Income in Retirement
Successful retirements aren’t built upon how much money you have saved or the total amount of assets you have. Rather, they are built upon your ability to generate income during retirement. With interest rates at record lows and stock markets at record highs, its more important than ever to have a plan to generate income in retirement. If you don’t have a strategy to generate multiple streams of income in retirement, it could be a recipe to run through your life savings far too soon.
Get More With BOSS
What if you could make $500,000 work as if it was $1 million, or turn $1 million in savings into $2 million. It may seem to good to be true, but BOSS Retirement Solutions invites you to go to GetMoreWithBOSS.com where you can get a customized report of how to dramatically reduce or eliminate your taxes with your IRA, 401K or other retirement account. You can also learn how can get more money when filing for Social Security and generate more income while recuing the risk.
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