Tax

As past podcast guest, David McKnight, says, “The tax train is coming,” and we should all be ready. Experts believe tax rates will increase with each passing year, and on top of that, President Biden has proposed bills that would raise both corporate taxes and the long-term capital gains rate tax for anyone making more than $1 million per year.

Retirement planning legends and rules-of-thumb are plentiful, but do they hold true when it comes to your hard-earned dollars?

Having a checklist to navigate a successful retirement helps provide structure and financial confidence, which is also why we developed our proprietary planning process, the Retire With Purpose Framework. This article, however, provides another perspective, and it’s one you might benefit from reviewing too.

Which accounts do you pull from first when it comes to your retirement income stream? It’s a question many retirees stress over, but in the grand scheme of things, might not be worth all the worry.

Here’s a retirement reality check: Tax increases will affect you more today than they did for retirees in years past.

Taxation on retirement accounts is complicated enough, but when you add in ever-changing legislation rules, you might be left wondering how to protect your portfolio from Uncle Sam.

Stepping into retirement means going from one taxed income — To many taxable income streams that work together in replacing your paycheck. Understanding the different layers of these taxes is the first step to maximizing your tax efficiency, and keeping more of your hard-earned dollars.