SALT LAKE CITY, Utah (ABC4Utah) – BOSS Retirement Solutions says most people they meet with think their biggest expense during retirement will be mortgage or healthcare. In most cases it ends up being taxes on an IRA, 401K, and other retirement accounts. This ends up being the reality because they have never paid taxes on the accounts before, even on investment income and social security accounts.
The “Golden Years” are from the age of 59 and a half when somebody can start pulling their money out of an IRA or a 401k without any penalties to the age of 70 and a half where you are required to start paying taxes and pulling money out of those accounts.
Keeping money in pocket instead of in Uncle Sam’s pocket is a good way to look at it. When you’re 70 and a half it’s required to start taking out minimum distributions every increasing Uncle Sam’s pocket. says you’re able to put the
BOSS Retirement Solutions can create a plan for that makes all the difference and is not a one-size-fits-all strategy. Everybody has a different scenario that they’re dealing with. It is called a customized retirement tax audit.
You will be able to see is how to avoid paying taxes on as much as 85 percent of Social Security benefits. How to be able to avoid paying double Medicare premiums. How to coordinate the withdrawals from IRAs and 401ks or other retirement accounts.
If you’ve saved at least $200,000 for retirement you can call 801-701-8881 or visit BOSSRetirement.com
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