Defusing The Ticking Tax Time Bomb
The biggest threat to your retirement may not be a volatile stock market…or inflation….or the cost of health care. It could be something far worse.
THE HIDDEN DANGERS THREATENING YOUR RETIREMENT
There is never an age at which you stop paying taxes. The Tax Code is, by design, very complicated. Too often, people just go along with it, unaware of the steps that can legally reduce their federal and state income taxes. This is especially important during retirement.
You have a choice of paying taxes now...or later. To many, procrastination seems logical when it comes to paying the IRS. For years, people have socked away massive amounts of money in 401ks, 403bs, IRAs. The idea is you invest it now in a tax deductible/tax deferred account while you're in a high tax bracket. Then you withdraw it at a lower tax bracket when you retire. Or so you hope.
What if taxes actually rise in the future to cover the cost of a ballooning national debt, health care, and social security?
ABOUT
MARCUS G. WARREN, MBA, EA
Principal and Chief Operating Officer
Marcus G. Warren, MBA, EA, is a Principal and Chief Operating Officer of Hagan Warren Wealth Management. Marcus is known among his colleagues and clients as a seasoned and knowledgeable financial professional who focuses on the areas of tax law, federal taxation, securities taxation, and estate planning.
As an Enrolled Agent, Marcus is a federally-licensed tax practitioner specializing in taxation, and has unlimited rights to represent taxpayers before the IRS when it comes to collections, audits and appeals. He has also earned his Fellowship from the National Tax Practice Institute.