Rising taxes are a concern for many individuals as they are approaching retirement. For this reason, it is important to incorporate tax planning into your financial decisions. Tax minimization planning takes into consideration the tax implications of the individual, investment, or business decisions with the goal of minimizing tax liability. Decisions like this are not often made solely on their tax impact, however you should have a working knowledge of the income or estate tax issues and costs that are involved.
Investing in or purchasing a tax-deferred vehicle means your money can compound interest for many years, in turn deferring income taxes and providing the potential to earn interest at a much faster rate. While very few financial vehicles avoid taxes altogether, insurance products only allow you to defer paying them until retirement – when you may find yourself in a lower tax bracket.
Tax Minimization Planning with Bussenger Financial Group At Bussenger Financial we’re here to make the process virtually pain free and offer you the peace of mind and financial stability that you deserve in your retirement with tax minimization.
*Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to 59 1/2, may be subject to a 10% federal additional tax.
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