Trick-or-treating is something fun every year on Halloween, but when it comes to your retirement you don‘t want to worry about trick-or-treat. CEO of Jacobs Financial Services Tom Jacobs appeared on “Live In The D” to share some advice so you aren’t scared about heading into retirement.
First, he talked about one of the big “tricks” when it comes to retirement and that‘s the looming tax bubble. Jacobs said that many times people don‘t realize that with all that money they’ve saved in their company retirement plans, they haven‘t paid any taxes. “So, when we get to the stage of life when we‘re starting to withdraw, sometimes the trick is; OH MY GOSH! I‘ve got a partner here and my partner is the IRS. All the money I saved, it’s not all mine.”
Jacobs said the treat they provide is helping you mitigate that tax burden. He spoke about things like a conversion where you convert your tax deferred retirement into a Roth IRA. “There are really strategic ways to convert tax deferred money to tax free money,” said Jacobs. It can then grow tax free and distributions are tax free.
Because there are so many moving parts when it comes to retirement Jacobs has come up with a Road Map to help those in, or nearing, retirement to get set up for financial success.
You can learn more about the strategy Jacobs Financial Provides by clicking the video player about. You can also click here.
To schedule an appointment with someone at their Livonia office call 248-250-9003.
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: jacobsfs.com.