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Eileen M. Carrero, CPA
Financial Advisor, CPA
Eileen Carrero Financial Services, LLC
Wealth Management, Tax & Accounting
4917 West 144th Place
Midlothian, IL 60445
Phone: 708-489-1035
Fax: 708-489-1036
Email: eileen.carrero@ceterafs.com
Website: www.myecfs.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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