Ryan Thacker with B.O.S.S. Retirement Solutions joins Nicea on ABC4 Utah to talk about making your money work twice as hard in retirement.
In Ryan’s own words he tells us that growing your nest egg or making your money work harder for you is a challenge more than it ever has been before. Lucky for viewers of ABC4, Ryan has three tips to help make your money go further.
First, make sure you have a strategy to reduce or eliminate taxes in retirement. Most people think they’ll be paying fewer taxes because they won’t be receiving a paycheck. Unfortunately, that is not true. When you retire you’ll be paying taxes in many other areas which will leave you with only a fraction of your retirement savings.
Second, Always take advantage of defensive tax strategies to create a bulletproof plan to generate income in retirement. As Warren Buffet said, “If you don’t find a way to make money while you sleep you will work until you die.” This is more true in retirement, without a strategy to generate the income you can run through your entire life savings far too soon. There are some surprisingly attractive options to generate income.
Third, Get more when you file for your Social Security benefits. It’s not all about a one-size-fits-all approach. If you don’t file correctly from the beginning it can have a Domino effect on everything like your taxes, and medicare. Not everyone can rely on a one size fits all strategy and if you do, you could leave hundreds of thousands of dollars on the table. People are doing this every day and it can make a HUGE difference in what you do.
B.O.S.S. Retirement has setup a website that will give you a free customized report that will show you how much money you could save on taxes in retirement, when you file for social security, and also on income from current savings and investments that could potentially get you tens of thousands if not hundreds of thousands of dollars of additional income in retirement.
Find out your Get More Number by going to the B.O.S.S. Retirement website or if you have additional questions you can give the Team a call at (801) 609-1798.
This article contains sponsored content.