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Michael A. Milazzo, CLU, ChFC
Registered Principal
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: meridian@ae.cadaretgrant.com
Website: www.merfinco.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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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
The Meridian Financial Company and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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