People dream of relaxation in retirement, but the stress could still pile up if you don’t have a plan for your finances, including your taxes.
A common mistake that people make is to push the tax burden down the road especially with IRAs and 401Ks, explained Phil Huff with Golden Reserve.
Huff said people need a tax plan for when and how to take money out of their IRA.
“Someone’s going to pay taxes on that IRA, whether it’s you in retirement, or a surviving spouse when one spouse passes, or kids when they inherit this money. Uncle Sam’s going to get his piece. You’ll pay as little as possible if you’re doing it now in retirement,” Huff said.
Watch the video above or click here learn more about Golden Reserve and planning for your retirement.
Disclaimer: The information provided is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial instruments involve risk. Actual customer results may vary. Subject to full terms and conditions available at: goldenreserve.com.