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Riggle Wealth Group
The factor that separates Riggle Wealth Group from the rest is our research-based approach to financial planning and wealth management. Our diverse group of experienced financial professionals obtained various degrees and certifications from well-respected universities around the country, including designations such as Chartered Financial Analyst®, Accredited Investment Fiduciary®, Chartered Retirement Plans Specialist, Certified Financial Planner®, and Certified Public Accountant. We specialize in 401(k) Rollover planning, tax planning, and financial management for doctors. Our founding principles are trust and a client-centered, research-based approach to financial planning. Founded originally in 2007, Riggle Wealth Group is now a premier member-owned firm. We are proud to serve you and your family, creating a legacy that can last through the generations.
Tax Planning for Retirement
Tax planning is a process in which an analysis is taken of your current financial situation and/or plan to ensure that you minimize tax implications wherever possible. A financial plan that minimizes tax implications is considered to be tax-efficient. Reducing tax liability and maximizing retirement contributions are critical components of a successful financial plan. Tax planning considers the timing and size of income, the timing of purchases, and planning for expenditures. Tax planning strategies usually include saving for retirement in an Individual Retirement Account (IRA) or other tax-advantaged retirement savings vehicle.
Tax Planning Strategies
Knowing what your tax bracket is, having a general understanding of how taxes work, and what records to keep track of are all sound strategies to help reduce your overall tax implications. It is most beneficial to utilize your financial advisor to help you with tax planning strategies to make the most out of the income you do save. Reducing tax implications now helps you to maximize your income in retirement. Ultimately, the goal is to use tax planning strategies to have as much as possible for your retirement. Effective and strategic retirement planning is one of the best overall tax planning strategies.
Retirement Tax Strategies
Avoiding Taxes on IRA Withdrawals
To maximize the amount of income you have in retirement and ensure you are avoiding taxes on IRA withdrawals as much as possible, consider the following strategies:
Having specific retirement account savings vehicles, including a Roth 401(k) or Roth 403(b), can give you some tax-free retirement income. For example, in a Roth Individual Retirement Account, growth and withdrawals are tax-free. You pay taxes ahead of time on the contributions made. This can be ideal for someone likely to be in a higher tax bracket in retirement than they are in now. Maximizing contributions to these kinds of retirement accounts help lead you on the right track to having tax-free retirement income sources.
If you are purchasing an annuity to fund any tax-qualified retirement plan (IRA), you should be aware that this tax-deferral feature is available with any investment vehicle and is not unique to an annuity. Carefully consider the features and benefits of the annuity before making the decision to purchase.
The guarantee of the annuity is backed by the claims paying ability of the issuing insurance company.
For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisors Networks LLC nor any of its representatives may give legal or tax advice.
Knowing how you need to file your taxes depends on your income and filing status, as well as which deductions and credits you can claim. In this free ebook, we share some common errors to avoid.