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5 things you need to know about retirement tax planning services
September 15, 2021 at 7:00 AM
5 things you need to know about retirement tax planning services

Tax planning is an important part of maximizing your current income and your retirement savings for the future. From helping minimize your tax liability now to identifying ways to grow your retirement savings, you can protect your wealth while continuing to grow it. At OWLFI, we offer retirement planning tax services to help you prepare your finances for what’s to come. If you’ve never used tax planning services to prepare for retirement, we have a guide with five things you need to know it can do for you before getting started.

Can help save you thousands

Knowing your tax bracket is a crucial part of planning for taxes. If you’re not strategically planning for your tax obligations every year, you could be missing out on solid amounts of money that you can be putting into retirement. Rather than simply checking the box for your marital status and dependents on your W-4, we’ll help you make decisions based on your annual income, 401(k) contributions, and other assets. Your tax obligation is much more complicated than what many people know. Understanding this will help you bring home more money each year.

Will teach you how to shelter income

Using the term sheltering income can seem like you’re hiding money from the IRS, but that’s not necessarily the case. There are legal things that you can do to move money around to help minimize your tax obligation so you can continue to grow wealth without paying out in the form of taxes. With our tax planning services, we’ll help you identify areas where you can put your money like your 401(k), IRA, flexible spending account, health savings, and other places that can help you tuck money away without being taxed.

Identifies areas to maximize retirement savings

Saving for retirement can feel like a big task. As you approach retirement age it can feel like you don’t have nearly enough money tucked away in your nest egg. With help from our retirement tax planning services, you can find ways to continue to maximize your contributions each year as you diversify your money into different savings accounts. We’ll make sure that you’re still able to live comfortably now while preparing you to live comfortably in retirement.

Includes estate planning

Part of protecting your money now includes protecting it well into the future. You can ensure that your assets and money are safe with estate planning. This includes wills, trusts, power of attorney, and beneficiary designations. If you have a plan now, you won’t have to worry about where your money will go later.

Limit retirement taxes

Part of planning for retirement is accounting for taxes. While it’s difficult to know what the taxation rates will be for your tax bracket when you’re in retirement, it’s still possible to look at previous years and precedents to make a plan. This is a great way to plan for what your monthly distributions will look like as well as what it will take for you to live the life you want in retirement.

Schedule an appointment

Take advantage of our retirement tax planning services so you can live a more comfortable life now and into the future. Our tax planning experts will work with you to identify areas where you can grow and maximize your retirement savings. Get in touch to schedule an appointment by calling your nearby OWLFI office. You can also send a message using our online contact form or use our chat tool to speak with a member of our team. We look forward to working with you in building your tax plan.