For many people, the answer is yes. But proactive planning before you retire could help you minimize Income Taxes on your retirement income.
After years of planning for that perfect retirement, diligently investing your money, drawing up detailed budgets and wisely investing your assets, you still have one more big issue and expense: Income Taxes.
As much as 85% of your Social Security income could be subject to federal (and possibly state) income taxes. “ That can be a real shock when people collect their first check,” says Bill Hunter, Head of Strategy for Retirement Client Experience at Merrill Lynch.
How much of your Social Security income is subject to tax depends on a variety of factors, including your federal income tax filing status, and your modified adjusted gross income.
Proactive planning and professional advice is needed for Income Tax Planning. Everything from reviewing your portfolio to properly structuring certain transactions (such as the sale of assets with Capital Gains ) is prudent. Wise planning and sound advice may help you to reduce your Income Taxes in Retirement.
The Goal is to not over-pay your Income Taxes !
Please call Fraser Allport, a DROP Specialist,
at 386.882.6256 for your
and a copy of the full article.
All of Fraser’s prior DROP articles are archived at :
See Fraser's Estate Planning services at :
Fraser's Biography, Services, and Credentials are at :
Follow Money and Markets at :
Client references are available for you to speak with upon request.
With 38 Years of Knowledge in Financial Services,
Fraser Allport can help you with all your DROP, Medicare,
and Social Security Questions.
It is Too Late in Your Life to make Money Mistakes !
Be A Good Steward of Your Money.
Call Fraser, a Financial Professional with 38 Years of Experience.
You call a Professional for every other project in Your Life, right ?
Please see Fraser’s invitation below for a Complimentary Consultation to help you start your Exit Plan to Retirement.
Starting any Project is the hard part, but Fraser can help shepherd you with a Plan of Action.
Fraser Allport is a Fiduciary, an Investment Advisor,
and a Certified Estate Planner ™ with 38 years of experience.
Fraser is an Independent, and the Owner.
Call Fraser Allport, your Florida DROP Specialist, at 386.882.6256 for your Complimentary Consultation
about your DROP, Social Security, Medicare, Income Tax, Retirement and Estate Planning questions.
Knowledgeable in every aspect of Financial Services, Fraser is the Total Advisor ™.
An Experienced and Independent Fiduciary for all your financial needs.
Call Fraser for answers at 386.882.6256.
It’s a Complimentary Consultation.
Please see all of Fraser’s DROP articles in his extensive DROP Library at.
- Fraser can help you with the very first steps that you must take to exit your DROP.
- Fraser can help you meet the dates and deadlines for filing your DROP Exit forms.
- Fraser can help you determine what forms are needed, and help you complete them.
- Fraser can help you with choices for wisely investing your DROP Rollover money.
- Fraser can help you optimize your un-used DROP Sick Days and Vacation Days.
- Fraser can help you maximize your Social Security benefits for you and also for your Spouse. Note: Social Security decisions are irrevocable after 12 months.
- Fraser can help you with your Health Insurance, Medicare, Medicare Supplements Home and Long Term Care choices. Most Long-Term Care occurs in your Home.
- Fraser can help you coordinate your Retirement Plans with your Spouse’s Retirement Plans. You and your Spouse want to be in synch about Retirement.
- Fraser can help you reduce your Income Taxes in Retirement. This may save you a lot of money over the rest of your Life. Don’t over-pay your Income Taxes. What a waste of Money.
- Fraser can help you with your Estate and Legacy Planning. Fraser is a Certified Estate Planner™. Leave A Legacy, not A Mess. This is a moral as well as a Financial responsibility.
- Fraser can help you Get Your House In Order with Wills, Trusts, Powers of Attorney, A Living Will, Health Care Directives, Final Expenses, etc.
- Fraser can help you with a Home Health Care Plan, customized for you. Act now, while your health still qualifies. Home Health Care is the future of Long Term Care.
Your DROP Plan is your Retirement Nest Egg.
Safeguard it by getting Smart with your Money.
Remember the two Golden Rules of Investing:
1) Don’t Go It Alone. Seek out Professional help.
2) It’s Never Too Early to Plan for Retirement.
These are Big Decisions for You ... with really Big Consequences.
As You Retire, You are about to make some of the most important
financial decisions of Your entire Life : Social Security, Medicare,
Estate Planning, and what to do with Your DROP Lump Sum.
Be Smart with Your Money, because it’s Your Nest Egg.
Your Retirement is at stake here. These are Lifetime decisions.
Prepare for Retirement ...
and prepare for Longevity.
Because of his Knowledge and Experience for 38 Years ...
Fraser Allport is ... " The Total Advisor™ "
Contact Fraser today for your DROP Retirement Consultation
Thanks and attribution to Merrill Lynch for the content of this article.