We can’t see the future, but using some basic math and historical oversight, we can predict it fairly well, especially when it comes to taxes. Have you thought about your retirement tax strategy? Have you stopped to consider how social security benefits have changed since the system was created in 1935?
People are living longer, which is a good thing, but it can also have a huge impact on how much money you have available in retirement. Simply put, the longer you live, the more money you need to support yourself in your later years. If most of your accounts are tax deferred until the year of distribution, you might be looking at heftier tax penalties in the years when you most need to save your money. The news isn’t all bad, though. Read our article, The Future of Tax Rates—Storm or Hurricane? to reconsider your tax strategies and how you can leverage the knowledge for a positive future.
