Retirement Tax Planning Strategies in Virginia Beach & Hampton Roads
Keep more of what you’ve earned with proactive retirement tax planning.
It’s easy to underestimate just how significant of a role taxes play on the size of your nest egg. We’ve seen a lot of people focus on the balance in their retirement accounts, but never give a second thought to just how much of it the IRS will lay claim to. Which is why implementing tax saving strategies now will set you up for a better outcome when the time comes to start tapping those retirement savings.
Retirement Savings Strategies for Every Stage of Life
1. 20s, 30s, and 40s
Building your retirement savings
2. 50s and 60s
Nearing retirement
3. 60s, 70s, and beyond
Living in retirement
Retirement savings strategies look like this…
One thing we consider in retirement planning is coming up with the right strategy for your stage of life – because the plan you implement at 35 won’t be the same as those when you’re 45, 55, or already retired.
Examining all the ways you can reduce taxes on your retirement savings from contributing to various account types (401k, IRA, Roth IRA) to catch-up contributions to RMDs to timing your withdrawals.
Discussing investing in annuities to protect your retirement and guarantee income
Keeping track of every deduction you qualify for including catch-up contribution tax breaks and the saver’s credit.
Helping you avoid early withdrawal penalties and determine when is the best time to take retirement distributions.
Determining how to minimize the taxes on your social security payments.
Considering the benefits of a Roth conversion.
Ready to protect your retirement savings from unnecessary taxes?
Schedule a consultation with FasTax, Inc. today.