Wisdom to Wealth- Thursday, Feb. 18

Published: Feb. 18, 2021 at 5:51 PM EST
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John Halterman: Are you in agreement that taxes are probably going up in the future? Well if that’s the case, I have to ask you, why do you continue to put into a tax-deductible account, only to grow the taxes tax-deferred, and then down the road it’s going to be taxed to you as ordinary income. And even worse, when you’re family gets it, it’s also going to be taxed to them. So, if they cash it out, this is going to be taxed as income the year the cash it out. And so, if you think about that, we know that taxes are probably going up. So, what I encourage you to do right now is do everything you can to save them taxes. Simple things, such as making contributions to a Roth IRA. Whether it’s a Roth IRA or your Roth 401k. You know, what I always say, is that if you’re making less than two-hundred thousand dollars a year, then you may be better off. The best thing to do is let’s evaluate. For more answers, call or visit our website today.

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