There is an old paradigm of retirement where you defer tax payment as long as possible until you find out that you pay more in taxes with this approach. This may be resonating with you right now if you are in the higher tax bracket. A proper tax planning report can help to show you the macro view of minimizing taxes in your lifetime.
Retirement is different for everyone and the strategy to distribute these accumulated assets is specific. Let’s look at different topics as we look at this and possibly consider it with a new paradigm shift. I will share with you how to anticipate the future of taxes, what tools you can use and how to plan your asset distribution appropriately towards your retirement.
In this episode, you'll learn...
- Chris’ positive focus for the week
- Difference between old paradigm and new paradigm in retirement
- Tax Risk and how Taxes are going up in the future
- Retirement planning
- Tax Cut and Jobs Act
- Preserving and distributing assets
- What is the Sequence of Return Risk
- Distribution of accumulated wealth
- The basics of income gap
- 60/40 portfolio mix may not be the best option now
- Tax buckets and which account you can draw as you are moving into retirement
- Why you need to compute your Fortified Income Score to close the income gap
- Where taxes are going in the future and how you can manage taxes
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