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Evan M. Haines, CFP®, ChFC®, RICP®
Financial Advisor
Prudential Advisors
222 Independence Street
PO Box 632
Perryopolis, PA 15473
Phone: 724-736-2130
Email: evan.haines@prudential.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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