Tax Planning Services

Retirement Tax Planning

One way to protect your retirement and get the most out of every dollar is the reduce the amount of taxes you pay.

Every year, millions of Americans overpay in taxes and are never made aware of it. Below are a few strategies to consider to better manage your taxes now and when you’re ready to retire:

Asset Diversification

Your money can be held in three different types of accounts, which are all taxed differently. Meet with one of our experts today to determine the best after-tax retirement strategy.

Roth Conversions

You can shift assets from your tax-deferred accounts to tax-free accounts using Roth conversions, which is when you “prepay” the taxes on the money you convert. This strategy allows you to capture all future growth and income as tax-free.

Tax-Loss Harvesting

You can use capital losses to offset capital gains and income tax. You can then replace (harvest) the investment with a similar investment to maintain balance and diversification within your portfolio.

There are many other strategies that can be employed to reduce your tax rate even if you’re in another tax bracket.

Contact Morris and Associates today for a FREE consultation to discuss what strategies you should employ to pay fewer taxes during retirement.