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Dianne Williams Wildt, MBA
Certified Retirement Counselor®
Since 1983 in the financial services and investment industry
Retirement Pathways, Inc.
4500 Bowling Blvd., Suite 100
Louisville, KY 40207
Phone: 502-797-1258
Email: dianne@retirementpathways.com
Website: www.retirementpathways.com
January/February 2024
The Boon - Tax Diversification
Having a plan for retirement is great! But remember, you’ll still have to pay income taxes. But tax-free retirement income from a Roth account could help offset some of the tax you’ll pay on withdrawals from a tax-deferred retirement account.
How a Roth Can Help
- Let’s say you plan to retire to a state with lower taxes in the future. But what if something happens and you have to stay put? You’d pay a higher state tax on your traditional retirement plan withdrawals than expected.
- When required minimum distributions (RMDs) from your tax-deferred retirement plan(s) kick in, the added RMD income could put you in a higher tax bracket.
- A surviving spouse will likely have to switch to single-filer status, under which tax rates escalate more quickly. Also, RMDs rise with age.
Consult your tax and financial professionals to learn more about planning for taxes during retirement.
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Investment advisory services offered through American Capital Management, Inc., a State Registered Investment Advisor. Retirement Pathways, Inc. is independent of American Capital Management, Inc.
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