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Retirement strategies

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Preparing for retirement can be an overwhelming task, but it doesn’t have to be. As a CPA, I get asked a lot about how to adequately prepare for retirement. Here are some key tips to help you prepare for your retirement:

  1. Maximize your IRA contributions: You can contribute to your traditional IRA or Roth IRA until April 18th, even if you missed Dec 31st. This can lead to tax savings.
  2. Consider moving to a state with no income tax: States like AK, FL, NV, SD, TN, TX, WA, WY, and New Hampshire (which does not tax wage income) can provide you with significant tax savings.
  3. Take advantage of educational savings plans: Educational savings plans allow for tax-free growth of investment and can be used for relatives as well as children. They are also an income tax deduction for certain states.
  4. Beware of Required Minimum Distributions: If you inherited an account, you should be aware of Required Minimum Distributions (RMDs) as it is often missed.
  5. Know about new provisions for business owners: For business owners, there are new provisions this year such as retirement credits for setting up a retirement plan for your employees and the option to contribute to your Solo 401k by April 18th instead of Dec 31.

You may have some important questions:

  1. “Do I need to set up a trust for my assets?”
  2. “What can I expect when selling my home?”
  3. “Should I complete a Backdoor Roth Conversion or Mega Backdoor Roth?”
  4. “Do I need to roll up all my old 401ks into a single plan?”
  5. “Are there other generational planning tools that I can use?”
  6. “Should I gift real estate or shares or other assets to family members to avoid inheritance taxes?”
  7.  “What international components can I expect if I have foreign inheritances or non-US assets, relatives, etc.?”

Retirement planning may seem complicated, but it’s not something you should avoid. If you need more information on any of the above topics, please feel free to contact us below, and we will send over anything I have that is relevant. If you need more information after that, we can always schedule a phone consultation.

Contact us at Dimov Tax for all your tax-related queries and concerns. Our expert team is ready to guide you in the right direction.

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